Jim Jordan, House Republicans Launch Investigation Into Blackrock, Vanguard, Others Over ESG Practices
House Judiciary Chairman Rep. Jim Jordan and two other House Republicans sent four letters to the heads of massive companies such as BlackRock and Vanguard, calling on them to explain corporate environmental, social and governance (ESG) efforts that could violate federal antitrust laws.
The Daily Caller first obtained copies of the letters, which were sent Thursday to the heads of Glasgow Financial Alliance for Net Zero (GFANZ), Vanguard, BlackRock and State Street. Jordan was joined by Republican North Carolina Rep. Dan Bishop and Republican Kentucky Rep. Thomas Massie.
In all of the letters, the lawmakers say the companies appear to have potentially violated U.S. antitrust law by coordinating and entering into collusive agreements to “decarbonize” assets under management and reduce emissions to net zero.
GFANZ “is the world’s largest coalition of financial institutions committed to” net zero, and it “(c)oordinate(s) commitments and actions across the sector.” Net Zero Asset Managers (NZAM) is a sector-specific group within GFANZ that supports net zero goals and has more than 300 asset manager members, as well as over $59 trillion in assets under its management.
BlackRock, State Street and Vanguard are three of the world’s largest asset managers. BlackRock and State Street are members of both NZAM and a company named Climate Action 100+. Vanguard was also a member of NZAM until December 2022. Lawmakers say these companies appear to have colluded “to reach net zero emissions by 2050 or sooner across all assets under management.”
Reaching net zero emissions would severely harm the coal, gas and oil industries as many are trying to phase out gas-powered vehicles and coal and oil power plants.
https://dailycaller.com/2023/07/06/jim-jordan-house-republicans-blackrock-vanguard-esg-practices/