Business backlash pushing GOP to weaken anti-ESG proposals

In both Kansas and Indiana, where the GOP has legislative supermajorities, bankers associations and state chambers of commerce criticized the strongest versions of anti-ESG legislation currently under consideration as anti-free market.

ESG stands for environmental, social and governance and those factors’ increased use in investing in recent years inspired GOP attempts to thwart it. Now, those efforts are riling groups long allied with Republicans in backing less government regulation. At least seven states, including Oklahoma, Texas and West Virginia, have enacted anti-ESG laws in the past two years. GOP Govs. Ron DeSantis of Florida and Greg Gianforte of Montana also have moved to ensure their states’ funds aren’t invested using ESG principles.

Anti-ESG efforts also draw support from companies and industries that feel under attack, such as oil and natural gas producers. During an Indiana House committee hearing last month, lawmakers heard a litany of complaints from businesses, including those in coal mining and firearms production, about difficulties they blame on corporate ESG policies.

In Kansas, Thompson scrambled Wednesday to set up behind-the-scenes talks to address the state pension system’s concerns. His committee’s top Democrat, Sen. Oletha Faust-Goudeau, of Wichita, said Thursday that she needs the pension system to sign off to consider voting for the bill. Supporters say ESG isn’t about boycotting certain industries or companies but of doing a better job assessing future risks, such as costs from major accidents or pollution, or a diminishing local water supply. They argue that considering such factors is part of an investment manager’s obligation to get the best returns possible.

Why should GOP be dictating every aspect of private businesses? I thought this was the 'party of small government' and 'free markets'?

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