An Obscure Movement to Push Corporate America Left Could Play a Major Role in the 2024 Presidential Campaign
Get ready for a battle between woke capitalism and traditional profit-maximizing in the 2024 presidential campaign. The Environmental, Social, and Corporate Governance (ESG) movement is gaining momentum, and it could have a significant impact on the election.
What is ESG and How Does it Affect You?
ESG is a model that prioritizes climate change and liberal social goals alongside maximizing profit. It allows pension fund managers to make investment decisions based on factors that many consider to be “woke.”
President Joe Biden’s first veto was in defense of a rule allowing pension fund managers to make investment decisions based on ESG factors. However, the top two Republican candidates to unseat Biden, former President Donald Trump and Gov. Ron DeSantis (R-FL), have taken a hard line against this new trend.
Republicans in Congress, with the help of Sens. Joe Manchin (D-WV) and Jon Tester, passed a resolution overturning a pro-ESG Biden Labor Department rule. Biden vetoed the resolution, citing pragmatic financial reasons.
But for Trump and DeSantis, fighting ESG has become a big part of the broader battle against woke capitalism. DeSantis signed an anti-ESG bill of his own, stating that “Florida will continue to lead the nation against big banks and corporate activists who’ve colluded to inject woke ideology into the global marketplace, regardless of the financial interests of beneficiaries.”
DeSantis made ESG a big piece of his 2024 presidential announcement, stating that “we will not be a free society if major financial institutions can do through the economy what people could not achieve through the ballot box.”
Entrepreneur Vivek Ramaswamy, a lower-tier Republican presidential candidate, has also made opposition to ESG a core part of his platform. Former Vice President Mike Pence is expected to rail against corporate social engineering, suggesting this is becoming GOP orthodoxy.
There is a broader concern about conservatives losing access to financial markets and other institutions as ideology plays a larger role in corporate governance. However, it remains to be seen if this issue will gain traction in the 2024 presidential campaign.
- Key Takeaways:
- The ESG movement is gaining momentum and could have a significant impact on the 2024 presidential campaign.
- President Joe Biden vetoed a resolution overturning a pro-ESG Labor Department rule, citing pragmatic financial reasons.
- Republicans, including Trump and DeSantis, are taking a hard line against ESG, viewing it as part of the broader battle against woke capitalism.
- There is a broader concern about conservatives losing access to financial markets and other institutions as ideology plays a larger role in corporate governance.
Stay tuned for more updates on this developing story.
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