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ESG fireworks on Capitol Hill over climate change: Smart business or ‘woke capitalism’?

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Democrats and Republicans squared off over environmental, social and governance investing again Wednesday during a House Oversight Committee hearing

House Oversight Committee ranking member Rep. Jamie Raskin blasted dark money interests for carrying water for the fossil fuels industry and saidare punishing businesses for doing their fiduciary duty by preparing for climate change.

Illinois Treasurer Michael Frerichs, also a Democrat, agreed. “This pushback is anti-free market and anti-investor,” he testified.Republicans fired back. Asset managers should only consider financial returns when making investment decisions and stop engaging in “woke capitalism” that endangers the retirement savings of American workers, they countered.

Marshall was one of 17 Republican attorneys general who filed a motion Wednesday to block BlackRock from imposing ESG policies on utility companies.that takes into account environmental, social and corporate governance factors in addition to financial analysis. Running point in the anti-ESG movement is Florida Gov. Ron DeSantis, who may soon announce his bid for the 2024 GOP presidential nomination.

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