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'?

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business backlash pushing GOP to weaken anti-ESG proposalsConservative Republicans who want to thwart socially and environmentally conscious investing are now being pushed to water down their proposals by backlash from powerful business groups and fears that state pension systems could see huge losses
Source: WOKVNews - 🏆 247. / 63 Read more »

Defeating DC crime bill essential for small-business survival: GOP chairmanEXCLUSIVE: The GOP-led effort to overturn the revised criminal code in DC may be the key to survival of small businesses, according to HouseSmallBiz Chairman RepRWilliams. Williams emphasized how such a code would perpetuate a “lawless environment.” RepRWilliams HouseSmallBiz HouseSmallBiz RepRWilliams Roger looks drunk
Source: dcexaminer - 🏆 6. / 94 Read more »

Elon Musk thinks he can fix Twitter's advertising business after derailing it | CNN BusinessElon Musk on Tuesday offered an optimistic picture for how Twitter can improve the advertising business he helped derail and boost its bottom line while also admitting that keeping the social network running is proving to be a challenge after multiple rounds of layoffs. Stop giving him some much access to America. As Rasheed used to say, ball don't lie.
Source: CNN - 🏆 4. / 95 Read more »