{"id":1497276,"date":"2022-05-30T16:14:40","date_gmt":"2022-05-30T20:14:40","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1497276"},"modified":"2022-05-30T16:14:43","modified_gmt":"2022-05-30T20:14:43","slug":"sec-calls-investment-banks-wokeness-bluff-slaps-them-with-fine","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sec-calls-investment-banks-wokeness-bluff-slaps-them-with-fine\/","title":{"rendered":"SEC Calls Investment Bank\u2019s Wokeness Bluff, Slaps Them With Fine"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsec-calls-investment-banks-wokeness-bluff-slaps-them-with-fine%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1497276&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The Securities and Exchange Commission (SEC) imposed a $1.5 million penalty on BNY Mellon for \u201cmisstatements and omissions\u201d concerning its Environmental, Social, and Governance (ESG) goals for various mutual funds the investment bank oversaw.<\/p>\n<p>The ESG movement assigns \u201cscores\u201d to companies based on their adherence to \u201csocially conscious\u201d behaviors. A company may, for instance, seek ways to implement green energy, impose quotas for hiring racial minorities, or otherwise arrange its operations such that producing shareholder value is inseparable from a progressive agenda.<\/p>\n<p>However, the SEC said last week that BNY Mellon\u2019s investment adviser practice \u201crepresented or implied in various statements that all investments in the funds had undergone an ESG quality review\u201d between July 2018 and September 2021, even though \u201cthat was not always the case.\u201d<\/p>\n<p>\u201cRegistered investment advisers and funds are increasingly offering and evaluating investments that employ ESG strategies or incorporate certain ESG criteria, in part to meet investor demand for such strategies and investments,\u201d Sanjay Wadhwa, Deputy Director of the SEC\u2019s Division of Enforcement and head of its Climate and ESG Task Force, said in a <a href=\"https:\/\/www.sec.gov\/news\/press-release\/2022-86?utm_medium=email&#038;utm_source=govdelivery\">statement<\/a>. \u201cHere, our order finds that BNY Mellon Investment Adviser did not always perform the ESG quality review that it disclosed using as part of its investment selection process for certain mutual funds it advised.\u201d<\/p>\n<p>Though many investors and executives want companies to advance certain political and social causes beyond their bottom lines, an exclusive <a href=\"https:\/\/www.dailywire.com\/news\/poll-by-two-to-one-margin-investors-reject-woke-companies-pushing-political-causes\">Daily Wire poll conducted by Echelon Insights<\/a> showed last week that most Americans want companies they invest in to stop preaching and instead pursue profits.<\/p>\n<p>While 29% of respondents agreed it is a \u201cgood thing\u201d for companies to leverage their financial power for political or social means supported by executives, 58% \u2014 twice as many \u2014 said it is a \u201cbad thing.\u201d The Daily Wire poll found that most investors prefer to focus on profits instead of ESG when they choose their own assets \u2014 and most believe that other investors should have the same opportunity.<\/p>\n<p>In an <a href=\"https:\/\/www.dailywire.com\/news\/get-woke-go-broke-entrepreneur-predicts-a-reckoning-against-woke-capital\">interview<\/a> with \u201cMorning Wire,\u201d entrepreneur Vivek Ramaswamy said the poll shows there is a \u201cdistinction\u201d between actual investors and investment institutions \u2014 and the former are tired of the latter tipping the scales of the political debate without their consent.<\/p>\n<p>\u201cThis is not a right or left-wing issue,\u201d Ramaswamy, the founder of the asset management firm Strive, explained. \u201cThat\u2019s why you see a two-to-one ratio here.\u201d<\/p>\n<p>Ramaswamy observed that even for progressive investors who want to see their favorite causes advanced, the best way to do so is not through a corporate entity.<\/p>\n<p>\u201cThe way you would want to do it is to generate wealth for yourself that you can donate philanthropically,\u201d he said. \u201cAnd the way you generate wealth for yourself is through a capital market that most effectively enhances return. But what you\u2019re doing through a politicized economy is effectively handing that power over instead to a small group of investment institutions, to the corporate boardrooms of this country that aren\u2019t even the most effective ways of advancing your political agenda, even if you wanted to \u2014 say, from the progressive side or from the left-wing side.\u201d<\/p>\n<p>The \u201cNo ESG at TSP Act,\u201d a bill <a href=\"https:\/\/www.dailywire.com\/news\/gop-lawmakers-propose-bill-to-stop-taxpayer-dollars-from-going-toward-woke-investment-funds\">proposed<\/a> by Rep. Chip Roy (R-TX) the day after The Daily Wire poll was released, would stop the Thrift Savings Plan (TSP) \u2014 a retirement savings plan for federal employees and the largest defined contribution plan in the world \u2014 from flowing into ESG funds.<\/p>\n<p>\u201cESG investing is a woke scam. 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,\u201d Roy said in a press release to The Daily Wire. \u201cThe upcoming changes to TSP would allow billions of taxpayer dollars to serve these ends. The federal government shouldn\u2019t have any part in this radical nonsense, and especially shouldn\u2019t be using your money to do it.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Securities and Exchange Commission (SEC) imposed a $1.5 million penalty on BNY Mellon for \u201cmisstatements and omissions\u201d concerning its Environmental, Social, and Governance (ESG) goals for various mutual funds the investment bank oversaw. The ESG movement assigns \u201cscores\u201d to companies based on their adherence to \u201csocially conscious\u201d behaviors. A company may, for instance, seek &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1497297,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1497276","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1497276","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1497276"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1497276\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1497297"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1497276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1497276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1497276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}