{"id":74441,"date":"2023-07-25T06:00:37","date_gmt":"2023-07-25T10:00:37","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/our-esg-act-protects-investors-limits-your-financial-risks-from-left-wing-activism-74441"},"modified":"2023-07-25T06:00:37","modified_gmt":"2023-07-25T10:00:37","slug":"our-esg-act-protects-investors-limits-your-financial-risks-from-left-wing-activism","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/our-esg-act-protects-investors-limits-your-financial-risks-from-left-wing-activism-74441","title":{"rendered":"Our ESG Act protects investors, limits your financial risks from left-wing activism"},"content":{"rendered":"
\n

If you\u2019re a middle-class\u00a0American, chances are your retirement account quietly funds far-left priorities like climate alarmism, racial hiring quotas, and other Democratic hobby horses. That\u2019s because of something called “ESG,” or environmental, social<\/a>, and corporate governance.\u00a0<\/p>\n

In simple terms, ESG is liberal activism<\/a> masquerading as corporate responsibility \u2013 and it\u2019s bad for business and your retirement account.<\/p>\n

For several years, wealthy progressives have quietly pushed America\u2019s most powerful firms to adopt Environmental, Social, and Governance (ESG) investing standards. These standards seek to achieve the social change in corporations that Democrats can\u2019t pass in Congress.\u00a0<\/p>\n

The “E” in ESG presses investment funds to bankroll green energy boondoggles, while the “S” and “G” push companies to hire and promote employees based on\u00a0diversity, race or other non-merit based factors, and to donate to radical left-wing groups. Unfortunately, your retirement account is likely bearing the financial risk of their social experimentation.<\/p>\n

THE WAR IN CORPORATE AMERICA BETWEEN FAITHFUL INVESTING AND WOKE INVESTING<\/strong><\/a><\/p>\n

Last year, energy was the only sector in the Standard and Poor\u2019s 500 stock index to rise, yet ESG-aligned funds shunned\u00a0fossil-fuel company investments. As a result, ESG funds underperformed the S&P 500. These ESG companies put progressivism ahead of profit and left money on the table, hurting their own investors.<\/p>\n

Making matters worse, America\u2019s largest ESG firms are likely violating\u00a0antitrust laws by\u00a0depriving the fossil fuel industry of investment. Attorneys general across the country are investigating ESG companies for antitrust violations and warning the public about the related financial risk.\u00a0<\/p>\n

Some of our nation\u2019s largest law firms, including Latham & Watkins, Baker McKenzie, and Hogan Lovells have warned their clients of the antitrust risks posed by the ESG movement. Even President Biden\u2019s FTC chair and assistant attorney general for the antitrust division have acknowledged that ESG companies may be violating antitrust laws.<\/p>\n

CLICK HERE TO GET THE OPINION NEWSLETTER<\/u><\/strong><\/a><\/p>\n

Governors and state legislatures across the country have started divesting retirement and pension funds from ESG-promoting\u00a0firms like BlackRock<\/a>, costing those firms billions of dollars. States simply cannot risk trusting taxpayer dollars to companies exposed to antitrust lawsuits, nor can they risk exposing state-backed retirement and pension funds to liberal fantasies.<\/p>\n

Leaders of these woke firms will eventually face the market consequences of their actions. Unfortunately, many normal Americans will suffer the consequences of choices they didn\u2019t make and actions they didn\u2019t approve. That isn\u2019t fair, and it\u2019s why we introduced the Ensuring Sound Guidance (ESG) Act.<\/p>\n

The ESG Act requires asset managers and ERISA plan sponsors\u00a0to get written permission from their customers if they take non-financial interests into account when investing. Unless the customer agrees to activist investing, the ESG Act will require that\u00a0investment strategies\u00a0are\u00a0based on sound financial practices, or in other words,\u00a0maximizing returns and minimizing risk. Liberals will no longer be able to commandeer Americans\u2019 retirement funds to accomplish their objectives.<\/p>\n

If investors want their money backing experimental left-wing priorities<\/a>, that\u2019s one thing. But using working Americans\u2019 retirement and college savings to pursue a political agenda without their knowledge and consent is\u00a0egregious. Our legislation would preserve investor choice while limiting Americans\u2019 financial exposure to left-wing activism.<\/p>\n

CLICK HERE TO READ MORE FROM SEN. TOM COTTON<\/u><\/strong><\/a><\/p>\n

Rep. Andy Barr has represented Kentucky as a Republican in the United States House since 2013.<\/i><\/p>\n<\/div>\n

Source – https:\/\/www.foxnews.com\/opinion\/our-esg-act-protects-investors-limits-financial-risks-left-wing-activism <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

If you\u2019re a middle-class\u00a0American, chances are your retirement account quietly funds far-left priorities like climate alarmism, racial hiring quotas, and other Democratic hobby horses. 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