Here’s The Lawmaker Who Accepts More BlackRock Money Than Any Other Member Of Congress

Senate Majority leader Chuck Schumer (D-NY), received more donations in the previous election cycle BlackRock More people are associated with the firm than any other member.

The lawmaker and the company that managed the assets were connected Not noted The American Accountability Foundation is a non profit government oversight and research organisation. It was founded by Schumer who rebuked all efforts to reform the system. Scrap A Labor Department rule would allow retirement fiduciaries the ability to allocate funds in compliance with the corporate governance movement (also known as ESG). ESG. Both the Senate and the House passed a resolution opposing the rule. President Joe Biden is expected veto it.

BlackRock is a prominent proponent for the ESG movement. Critics say it mingles politics and social causes, such as decreasing carbon emissions or achieving racial diversification in a way that compromises profitability. According to Schumer, he accepted $103,950 from BlackRock employees and $10,000 from a company-controlled political action committee. Data OpenSecrets.

“ESG opponents are trying to turn it into a dirty acronym, deploying attacks they’ve used for elements of a so-called woke agenda,” Schumer This week, the resolution was shared on social media as Congress passed it. “They call ESG wokeness. They call it a cult. They call it an incursion into free markets. I say ESG is just common sense.”

BlackRock money is available to both political parties. In the latest midterm election cycle, Republicans received $639,000 while Democrats received $453,000. The second and third largest recipients of BlackRock money were Sen. Lisa Murkowski (R.AK) and Sen. Raphael Warnock(D-GA), respectively.

An old Labor Department rule Trump’s administration banned retirement fund managers “selecting investments based on non-pecuniary considerations” These were necessary for their safety. “base investment decisions on financial factors” alone. The new rule, which was issued by the Biden administration Inverse The prohibition on ESG investment for retirement fiduciaries is lifted by investment managers. “the economic effects of climate change and other ESG considerations” As long as they’re relevant to a risk/return analysis.

The House voted 216 to 204 in favor of the resolution to repeal the rule. However, the Senate voted 50-46 to approve the resolution. Senator Jon Tester (D–MT), Sen. Joe Manchin(D-WV) and Rep. Jared Golden, (D–ME) voted together with Republicans to support the measure. It was introduced by Sen. Mike Brain and Rep. Andy Biggs.

Schumer was meanwhile involved in an Opinion piece The Wall Street Journal reported that Republicans oppose the new rule because they are not consistent with their principles. “Republicans talk about their love of the free market, small government and letting the private sector do its work,” He wrote. “But their obsession with eliminating ESG would do the opposite, forcing their own views down the throats of every company and investor. Republicans would prevent investors from adapting to the future, for their own good and the good of the country.”

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Schumer stated that ESG investments are also possible “minimize risk and maximize their clients’ returns” They are used by “America’s most successful asset managers and financial institutions.” After ESG funds have been exhausted, the claim can be made suffered ESG managers have been criticized for their focus on corporate social responsibility in spite of the poor performance of the technology sector last year. They also favor overperformance in energy sectors, which ESG mangers tend to avoid because they avoid heavy carbon-emitting industries.

According to BlackRock, its assets under management decreased from $10 trillion during the fourth quarter 2021 to $8.6 trillion during the fourth quarter 2022. Earnings Report. Executives Introduced BlackRock announces the fourth round of mass layoffs.

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