Wall Street foes turn free-market heroes amid GOP attacks

📆 25/07/2023 13:31:00
📰 politico

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Republican lawmakers warn that the ESG push by firms and financial regulators is hurting investor returns and the fossil fuel industry.

A GOP campaign is pitting Republicans against big money managers and other Wall Street players, including BlackRock and JPMorgan Chase. | Ted Shaffrey/AP PhotoThe GOP’s war on corporate America’s environmental and social agenda is creating an unexpected set of Wall Street allies: Democrats defending free-market capitalism.

The response illustrates how the GOP’s escalating culture war with big business is straining its relationship with Wall Street and creating a new line of attack for Democrats ahead of the 2024 election. Rep. said at a hearing this month that former President Ronald Reagan “would be ashamed” of his party’s new approach.

Rep. Andy Barr sponsored a measure that would have repealed a Biden Labor Department rule that permits retirement investing tied to environmental and social goals. | Francis Chung/POLITICO

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