‘It’s A Scam’: House Republicans Prepare Next Salvo In War On Woke Capital

Members of the Republican Study Committee (RSC) detailed steps to combat Environmental, Social and Governance (ESG) investing, which critics refer to as “woke capital,” during a Monday round-table discussion.

Reps. Blaine Luetkemeyer from Missouri, French Hill, Kentucky and Andy Barr, of Kentucky all criticized ESG investing’s impact on U.S. economies and global economics. They also pointed out shifts in energy sectors. If Republicans win one or both of the chambers in November’s midterms, ESG investing will likely be a target. The House Financial Service Committee is composed of all three members. It regulates investment and banking firms.

RSC Members and their aides have suggested several legislative oversights and steps that they will take if they are elected to either one or both of the chambers in November’s midterm elections. They will likely focus their attention on Biden administration officials who have private sector experience in ESG. These officials could include Brian Deese, National Economic Council Chairman and Treasury Department Chief of Staff Didem Nickisanci . (RELATED : EXCLUSIVE : McCarthy plans training sessions for House GOP staffers as party preps investigations into Biden Admin )

Deese was the head of the BlackRock sustainable investing unit. He also served in both the Obama administration and the Biden administrations. Nisanci was previously the head of a Climate Disclosure Task Force at Financial Stability Board.

The Republicans are stressing the economic consequences of ESG-focused investing, arguing that it contributes to inflation and harms small retail investors, pensions and college funds. A Securities and Exchange Commission (SEC), which is proposing an ESG-related rule, may require companies to estimate how severe weather events will impact their businesses. This could potentially drive valuations lower.

The progressive, woke ESG agenda hurts investors and retirees. It is wrong for the SEC to force companies to reveal non-material climate data. The Biden Administration’s priority is not going to make it easier for small business to grow and entrepreneurs to get capital to thrive. Hill stated that the SEC must stop politicizing its agency. Corporate executives and boards should speak out in support of common sense, and rejected this “woke nonsense”.

Barr introduced the Ensuring Sound Guidance Act in March 2022 to require investment firms to consider only “pecuniary factors” when acting in “the best interest of the customer.” Although the legislation has not passed out of the House Financial Services Committee, Republicans plan to reintroduce it should they take over the lower chamber in the November midterms, an aide to Barr told the Caller.

Barr explained that ESG is not well-known to the general population during the round table. He cited a FINRA Investor Education Foundation survey that found only 24% of investors were aware of the term. (RELATED : “Living in The Stone Age”: Tucker Rips ESG Policies Crippling Third World

“ESG was the most serious attack on capitalism. It’s the expression of stakeholder capitalism today. Barr stated. “It is harming and putting at great risk retail, mainstream investors.”

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“ESG fees have higher fees and lower returns,” he continued, noting a Wall Street Journal report that ESG funds charge 43% more for investor fees than non-ESG funds. Blackrock is making money by selling ESG funds to retail investors. Jim Banks, Indiana’s chairman of the .”

RSC explained it better.

It’s a fraud,” he stated.

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