House Judiciary Chairman Jim Jordan and two other House Republicans fired off letters to financial industry giants including BlackRock Inc., Vanguard Group Inc. and State Street, contending that their efforts to combat climate change could violate antitrust law.
The lawmakers warned in the letters on Thursday that agreements to decarbonize their assets “and reduce emissions to zero” could have “potentially harmful effects on Americans’ freedom and economic well-being.”
Jordan, Rep. Thomas Massie of Kentucky and Rep. Dan Bishop of North Carolina signed the letters, which ask for “relevant documents and information” to be produced within two weeks.
Companies that follow environmental, social and governance investing principles have come under increasing attack from Republicans on Capitol Hill, as well as candidates seeking the GOP presidential nomination.
Florida Gov. Ron DeSantis, for example, earlier this year signed legislation that restricts his state’s pension funds from investing based on ESG factors.
The letters highlight the widening schism between much of the modern GOP and Wall Street, long a traditional ally.
The Republican lawmakers also sought information from the Glasgow Financial Alliance for Net Zero and its Net Zero Asset Managers initiative. GFANZ is co-chaired by former Bank of England Governor Mark Carney and Michael R. Bloomberg, the founder of Bloomberg News parent Bloomberg.
BlackRock said in a statement that its “sole focus as a fiduciary is seeking the best financial outcomes for our clients, consistent with their investment objectives. We look forward to engaging with the committee on how we do that.”
Representatives for State Street and Vanguard had no immediate comment on Thursday night.
The firm has also appointed Mike Browning and Sean Brennan as co-presidents to its US operations as it looks to proceed with an ambitious five-year growth plan.
Meanwhile, Kestra partner Coastline Wealth Management passes a milestone in its geographic expansion with a former Ameriprise team in New York.
New research also reveals that one third of HSA holders withdrew more than they put in.
Blue Anchor Capital Management and Pickett also purchased "highly aggressive and volatile" securities, according to the order.
Reshuffle provides strong indication of where the regulator's priorities now lie.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
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