Republican ESG Hearings Pander to Reckless Businesses
WASHINGTON, D.C. – In its first full-committee hearing on financial issues in the 117th Congress, the U.S. House Committee on Oversight and Accountability is holding a hearing today on the impact of environmental, social, and governance (ESG) data disclosures on investments. Lisa Gilbert, executive vice president at Public Citizen, issued the following statement:
“Today’s attack on ESG investing speaks directly to the rotten, corporate-captured core of the Republican political machine. Dark-money fueled obstructionism is eating away at the transparency investors deserve and have demanded to protect their retirement savings.
“Climate risk and greenwashing are financial risks. Neglect of social duty is a financial risk. Poor or neglectful corporate governance is a financial risk. ESG factors, including political spending, impact any reasonable investor’s understanding of risk and should be transparent.
“Meanwhile, Republican state officials are ignoring ESG provisions at taxpayer expense, squandering hundreds of millions of dollars just to score political points. At a moment when corporate recklessness has destabilized core parts of the financial system, the committee’s efforts to undermine better business practices is stunning, even by today’s standards.”
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