GOP bill takes on ESG banking rules to limit ‘woke’ investment decisions

'Kudlow' host Larry Kudlow discusses potential legal action against banks over 'woke' ESG policies on 'America Reports.': Republican Rep. Andy Barr is rolling out legislation that would prohibit banks from denying fair access to financial services under the standards of"woke corporate cancel culture," and prevent financial institutions from being weaponized for political purposes.

"I am proud to partner with Senator Cramer on this crucial bill to stop the politicization of access to capital that threatens jobs and compromises our nation's values," he said. "Over the last several years we have witnessed financial firms publicly commit not to do business with certain legal companies in politically unpopular industries ," Barr wrote."These decisions often were not based on the creditworthiness or financial soundness of the customer, but rather were driven by a number of non-pecuniary factors."

"None of those factors should play a role in determining which legally operating business receives financial services," Barr said."Any decision should rely on objective, risk-based underwriting standards.

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Companies are laying low on ESG as backlash intensifiesPromoting environmental, social and governance policies was once an easy layup to score good press. Now, it's a way to court controversy, the ire of politicians, and attention from well-funded anti-ESG groups.
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