Jim Jordan subpoenas ESG advocacy groups in antitrust probe.
Republican Lawmaker Subpoenas Financial Institutions and Advocacy Group in Climate Probe
Rep. Jim Jordan (R-Ohio) has taken action against a coalition of financial institutions and a corporate social responsibility advocacy group, subpoenaing them after they allegedly ignored requests for documents. The subpoenas are part of an ongoing investigation into potential violations of federal antitrust laws by major climate groups.
The House Judiciary Committee, led by Rep. Jordan, is seeking documents and communications from “As You Sow,” a member of Climate Action 100+, and the “Glasgow Financial Alliance for Net Zero” (GFANZ). The committee is investigating agreements that promote environmental, social, and governance (ESG) goals, which may potentially violate antitrust laws.
In a press release, Rep. Jordan stated that the committee initially contacted As You Sow in August, requesting various documents related to their advancement of ESG policies. However, As You Sow has not produced any documents in response to the committee’s requests.
“Corporations are collectively adopting and imposing left-wing environmental, social, and governance (ESG)-related goals, and the Committee is concerned that As You Sow appears to facilitate collusion that may violate U.S. antitrust law,” Rep. Jordan wrote in the subpoena letter to As You Sow.
Rep. Jordan emphasized the need to understand how As You Sow promotes ESG-related goals and potentially facilitates collusion. He expressed disappointment that As You Sow has not complied with the committee’s requests voluntarily.
Furthermore, Rep. Jordan revealed that the committee had also written to GFANZ in July, requesting documents related to its ESG policies. The subpoenas come as Republican lawmakers continue to raise concerns over ESG policies, fearing their impact on investment returns and economic growth.
Emission Goals Would Require ‘Radical Steps’
In his original letter, Rep. Jordan accused GFANZ and its Net Zero Asset Managers (NZAM) initiative of coordinating collusive agreements to achieve net zero greenhouse gas emissions by 2050. He highlighted the potential violation of federal antitrust laws and the drastic measures required to reach such emission goals.
According to Rep. Jordan, achieving net zero by 2050 would involve significant declines in the use of coal, oil, and gas. He emphasized the need to halt sales of new internal combustion engine passenger cars by 2035 and phase out all unabated coal and oil power plants by 2040.
Rep. Jordan argued that these collusive agreements harm competition and consumers, making them illegal under the Sherman Antitrust Act of 1890.
Concerns Over ESG Policies
Rep. Jordan expressed dissatisfaction with GFANZ’s responses to the committee’s requests, deeming them inadequate and limited. He highlighted the exclusion of pre-2022 documents and communications related to GFANZ’s founding.
Additionally, Rep. Jordan sent similar letters to Vanguard, BlackRock, and State Street, the world’s largest asset managers, in August. The subpoenas reflect ongoing concerns among GOP lawmakers regarding the potential impact of ESG policies on investment returns and economic growth.
Responding to Rep. Jordan’s letter, As You Sow President Danielle Fugere assured that her organization would answer reasonable questions. However, she criticized the subpoena as flawed and overly broad, stating that the antitrust allegations twisted both the facts and the law.
The Epoch Times has reached out to GFANZ for further comment.
How does the House Judiciary Committee led by Rep. Jim Jordan plan to investigate potential violations of federal antitrust laws related to the promotion of environmental, social, and governance (ESG) goals by “As You Sow” and “Glasgow Financial Alliance for Net Zero” (GFANZ)?
G and its potential violations of federal antitrust laws.
Republican lawmaker Rep. Jim Jordan of Ohio has taken action against a coalition of financial institutions and a corporate social responsibility advocacy group. The subpoenas were issued after these entities allegedly ignored requests for documents, as part of an ongoing investigation into potential violations of federal antitrust laws by major climate groups.
The House Judiciary Committee, led by Rep. Jordan, is specifically seeking documents and communications from “As You Sow,” a member of Climate Action 100+, and the “Glasgow Financial Alliance for Net Zero” (GFANZ). The committee is investigating agreements that promote environmental, social, and governance (ESG) goals, which may potentially violate antitrust laws.
In a press release, Rep. Jordan stated that the committee initially contacted As You Sow in August, requesting various documents related to their advancement of ESG policies. However, As You Sow has not produced any documents in response to the committee’s requests.
The congressman emphasized the need to understand how As You Sow promotes ESG-related goals and potentially facilitates collusion. Rep. Jordan expressed disappointment that As You Sow has not complied with the committee’s requests voluntarily.
Furthermore, Rep. Jordan revealed that the committee had also written to GFANZ in July, requesting documents related to its ESG policies. The subpoenas come as Republican lawmakers continue to raise concerns over ESG and its implications on potential antitrust violations.
Corporations adopting and implementing left-wing environmental, social, and governance goals have attracted scrutiny from Republicans. The committee believes that As You Sow may facilitate collusion that violates U.S. antitrust law.
It is crucial for the committee to investigate and shed light on the activities of As You Sow and GFANZ to ensure compliance with antitrust laws. This probe seeks to ensure fairness and prevent any potential abuse of power or collusion that may harm free market competition.
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