This is what happens when you cede your party’s platform to extremists…
Previously, The Drill Down reported on the crippling costs of the SEC’s proposed climate change rules and regulations. Back in March, the SEC introduced a 534-page update that would force publicly traded companies to disclose their environmental impact —greenhouse emissions as well as the energy they consume would need to be tracked and made public.
“This is a thinly veiled effort to have unelected financial regulators set climate and energy policy for America,” says Sen. Pat Toomey (R- PA).
Spot on assessment from Senator Toomey.
Now, prominent GOP voices are pushing back on investment funds that make decisions based on environmental, social, governance, or political criteria —or “ESG” Investing. Rep. Chip Roy (R-TX) calls it “radical nonsense” and has joined 8 other GOP members in proposing the No ESG at TSP Act; legislation that would prevent participants in the federal Thrift Savings Plan (TSP) from investing monies in ESG funds.
“ESG investing is a woke scam,” Roy says. “It restricts the free flow of capital, undermines U.S. energy freedom to the benefit of our enemies, and advances woke racial and gender ideologies intent on dividing the republic. The upcoming changes to TSP would allow billions of taxpayer dollars to serve these ends. The federal government shouldn’t have any part in this radical nonsense, and especially shouldn’t be using your money to do it.”
Meanwhile, according to Just The News, “Republicans in both chambers of Congress are urging the SEC to withdraw [the] proposal that would require companies to disclose greenhouse gas emissions, arguing the requirement exceeds the regulatory agency’s authority.”
“It is unclear from where the SEC has derived this drastic change in authority,” Republicans on the Senate Banking, Housing, and Urban Affairs, and the Environment and Public Works committees wrote SEC Chairman Gary Gensler last month. “The SEC is not tasked with environmental regulation, nor has Congress amended the SEC’s regulatory authority to pursue the proposed climate disclosures.”
“West Virginia Attorney General Patrick Morrissey told Just the News it is essential to combat the ESG movement before it takes corporations away from their core competencies, such as serving customers and returning value for investors,” JTN reports.
This is exactly right —and a very real concern.
“There’s been an increasing amount of pressure on corporate America and in these corporate boardrooms, to kowtow to the left’s agenda,” Morrisey told the John Solomon Reports podcast. “And people have tried to move the institutional investment community, they’ve engaged in proxy fights and have fought in order to push corporations to move away from their core mission, and get them to focus on ESG-related issues, diversity, and many other topics that may be outside the core function of the company.”
The core mission, of course, is to turn a profit for investors; a mission that the left has somehow convinced a large number of the electorate is an absolute evil. People should only profit off of green energy initiatives, racial and cultural equity policies, and political causes the left agrees with.