{"id":1966376,"date":"2023-07-07T07:56:02","date_gmt":"2023-07-07T11:56:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-republicans-probe-wall-streets-esg-pioneers-over-potential-antitrust-violations\/"},"modified":"2023-07-07T07:57:36","modified_gmt":"2023-07-07T11:57:36","slug":"house-republicans-probe-wall-streets-esg-pioneers-over-potential-antitrust-violations","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-republicans-probe-wall-streets-esg-pioneers-over-potential-antitrust-violations\/","title":{"rendered":"House Republicans are investigating Wall Street&#8217;s ESG pioneers for potential antitrust violations."},"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\">24<\/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%2Fhouse-republicans-probe-wall-streets-esg-pioneers-over-potential-antitrust-violations%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=1966376&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--><div class=\"article-content\">\n<h2>House Republicans Expand Probe into Major Asset Managers<\/h2>\n<p>House Republicans are expanding their probe of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/florida-pulling-2-billion-from-blackrock-as-company-pushes-social-engineering-with-taxpayer-dollars\/\" title=\"Florida Pulling  Billion From BlackRock As Company Pushes \u2018Social-Engineering\u2019 With Taxpayer Dollars\">major asset managers<\/a> who are working to engineer a net-zero carbon emissions economy for potential violations of U.S. antitrust law.<\/p>\n<p>On Thursday, lawmakers on the House Judiciary Committee sent letters to <a href=\"https:\/\/judiciary.house.gov\/sites\/evo-subsites\/republicans-judiciary.house.gov\/files\/evo-media-document\/2023-07-06-jdj-tm-db-to-fink-blackrock.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">BlackRock<\/a>, <a href=\"https:\/\/judiciary.house.gov\/sites\/evo-subsites\/republicans-judiciary.house.gov\/files\/evo-media-document\/2023-07-06-jdj-tm-db-to-buckley-vanguard.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Vanguard<\/a>, <a href=\"https:\/\/judiciary.house.gov\/sites\/evo-subsites\/republicans-judiciary.house.gov\/files\/evo-media-document\/2023-07-06-jdj-tm-db-to-hung-state-street.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">State Street<\/a>, the <a href=\"https:\/\/judiciary.house.gov\/sites\/evo-subsites\/republicans-judiciary.house.gov\/files\/evo-media-document\/2023-07-06-jdj-tm-db-to-bloomberg-schapiro-gfanz.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Glasgow Financial Alliance for Net Zero (GFANZ)<\/a>, and the <a href=\"https:\/\/judiciary.house.gov\/sites\/evo-subsites\/republicans-judiciary.house.gov\/files\/evo-media-document\/2023-07-06-jdj-tm-db-to-bloomberg-schapiro-gfanz.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Net Zero Asset Managers Initiative (NZAM)<\/a>, demanding records related to the firms\u2019 coordination of their aggressive climate goals.<\/p>\n<blockquote>\n<p>\u201c[BlackRock] is potentially violating U.S. antitrust law by entering into agreements to \u2018decarbonize\u2019 its assets under management and reduce emissions to net zero \u2014 with potentially harmful effects on Americans\u2019 freedom and economic well-being,\u201d House Republicans wrote to the nation\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-republicans-probe-wall-streets-esg-pioneers-over-potential-antitrust-violations\/\" title=\"House Republicans are investigating Wall Street's ESG pioneers for potential antitrust violations.\">wealthiest asset management firm<\/a>.<\/p>\n<\/blockquote>\n<p>Vanguard and State Street join BlackRock among the <a href=\"https:\/\/www.investopedia.com\/articles\/professionals\/080615\/5-biggest-financial-advisory-firms-us.asp#:~:text=1.-,BlackRock,popularity%20through%20its%20iShares%20funds.\" target=\"_blank\" rel=\"noreferrer noopener\">top five<\/a> <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/epoch-times-documentary-catalogues-government-corporate-collusion-in-left-wing-esg-movement\/\" title=\"Epoch Times Documentary Catalogues Government, Corporate Collusion in Left-Wing ESG Movement\">largest financial firms<\/a> in the country. Letters to each firm were signed by House Judiciary Chairman Jim Jordan of Ohio, Rep. Thomas Massie of Kentucky, and Rep. Dan Bishop of North Carolina.<\/p>\n<p>\u201cBlackRock is a member of both Climate Action 100+ and the Net Zero Asset Managers initiative (NZAM),\u201d lawmakers wrote. \u201cThrough Climate Action 100+, BlackRock appears to have reached a collusive agreement with other institutional investors to \u2018work with the companies in which [they] invest to \u2026 deliver[] net zero [greenhouse gas (GHG)] emissions by 2050.\u2019\u201d<\/p>\n<p>In December, Republicans led by Jordan <a href=\"https:\/\/thefederalist.com\/2022\/12\/06\/exclusive-republicans-launch-antitrust-investigation-into-climate-obsessed-corporate-cartel\/\" target=\"_blank\" rel=\"noreferrer noopener\">opened<\/a> an antitrust investigation into Climate Action 100+ for operating what \u201cseems to work like a cartel to \u2018ensure the world\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/blackrock-may-have-broken-the-law-with-its-woke-investing-schemes-republicans-argue\/\" title=\"BlackRock May Have Broken The Law With Its Woke Investing Schemes, Republicans Argue\">largest corporate greenhouse gas emitters<\/a> take necessary action on climate change.\u2019\u201d<\/p>\n<blockquote>\n<p>\u201cWhen companies agree to work together to punish disfavored views or industries, or to otherwise advance environmental, social, and governance (ESG) goals, this coordinated behavior may violate the antitrust laws and harm American consumers,\u201d Republicans <a href=\"https:\/\/judiciary.house.gov\/media\/in-the-news\/republicans-launch-antitrust-investigation-into-climate-obsessed-corporate-cartel\" target=\"_blank\" rel=\"noreferrer noopener\">wrote<\/a>.<\/p>\n<\/blockquote>\n<p>That same month, West Virginia\u2019s Republican Treasurer Riley Moore <a href=\"https:\/\/thefederalist.com\/2022\/12\/16\/exclusive-west-virginia-treasurer-riley-moore-joins-calls-for-blackrock-ceo-larry-fink-to-resign\/\" target=\"_blank\" rel=\"noreferrer noopener\">joined<\/a> a growing chorus of GOP state financial officers calling on the chief executive of BlackRock, Larry Fink, to step down.<\/p>\n<blockquote>\n<p>\u201cI think Larry Fink should resign,\u201d said Moore, who is now running for a seat in the House of Representatives, in an interview with The Federalist. \u201cI don\u2019t think he\u2019s obviously somebody who\u2019s too concerned about what policymakers in the United States think.\u201d<\/p>\n<\/blockquote>\n<p>Fink has routinely bragged about antagonizing Washington politicians from his Manhattan perch, where his management firm sits on top of <a href=\"https:\/\/www.pionline.com\/money-management\/blackrock-posts-14-decline-4th-quarter-aum-amid-volatile-markets\" target=\"_blank\" rel=\"noreferrer noopener\">roughly $8 trillion<\/a> in assets. \u201cI\u2019m now being attacked equally by the left and the right, so I\u2019m doing something right,\u201d Fink <a href=\"https:\/\/fortune.com\/2022\/10\/13\/blackrock-ceo-larry-fink-says-hes-being-attacked-equally-by-the-left-and-right-in-esg-fight-so-im-doing-something-right\/\">said<\/a> at an annual membership meeting for the Institute of International Finance last fall.<\/p>\n<p>As the finance sector religiously implements Environmental, Social, Governance (ESG) goals, which prioritize climate extremism and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/federal-reserve-will-evaluate-climate-related-financial-risks-with-help-from-bidens-new-climate-officer\/\" title=\"Federal Reserve Will Evaluate \u2018Climate-Related Financial Risks\u2019 With Help From Biden\u2019s New Climate Officer\">left-wing social politics<\/a> over shareholder interests, BlackRock has been the primary driver. In recent days, however, Fink has tried to distance himself from the ESG term. Last month, the CEO <a href=\"https:\/\/www.axios.com\/2023\/06\/26\/larry-fink-ashamed-esg-weaponized-desantis\" target=\"_blank\" rel=\"noreferrer noopener\">said<\/a> the ESG moniker has been \u201cmisused by the far left and the far right\u201d but re-affirmed his devotion to \u201cconscientious capitalism,\u201d which is just ESG by another name.<\/p>\n<p>The adoption of ESG standards has led firms to boycott the fossil fuel industry to the detriment of energy workers, a reliable power grid, and affordable utility bills. The activism has provoked Republican treasurers to <a href=\"https:\/\/thefederalist.com\/2023\/01\/04\/kentucky-gop-treasurer-threatens-11-banks-with-divestment-for-boycotting-fossil-fuels\/\" target=\"_blank\" rel=\"noreferrer noopener\">divest<\/a> taxpayer dollars from major financial firms such as BlackRock, whose investment strategies are threatening constituents.<\/p>\n<p>ESG activism has also come to the detriment of shareholders. Under Fink\u2019s leadership, BlackRock\u2019s year-over-year assets <a href=\"https:\/\/www.pionline.com\/money-management\/blackrock-posts-14-decline-4th-quarter-aum-amid-volatile-markets\" target=\"_blank\" rel=\"noreferrer noopener\">dropped<\/a> more than 14 percent from roughly $10 trillion to less than $8.6 trillion. Meanwhile, Fink\u2019s <a href=\"https:\/\/thefederalist.com\/2021\/11\/03\/how-the-massive-money-manager-blackrock-endangers-u-s-prosperity-and-national-security\/\" target=\"_blank\" rel=\"noreferrer noopener\">efforts<\/a> to appeal to the Chinese Communist Party have led to ads from the educational nonprofit Consumers\u2019 Research exposing the firm\u2019s contradictory loyalty.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-embed-handler wp-block-embed-embed-handler wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\">\n<span class=\"YW3uj\"><\/p>\n<div class=\"ratio ratio-16x9\">\n<iframe loading=\"lazy\" title=\"Defector\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/pUf9Ht41-Hs?feature=oembed&#038;enablejsapi=1\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div>\n<p><\/span>\n<\/div>\n<\/figure>\n<hr class=\"wp-block-separator\">\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>House Republicans are broadening their investigation into leading asset managers for potential breaches of U.S. antitrust regulations as they strive to create a net-zero carbon emissions economy. The House Judiciary Committee recently dispatched letters to BlackRock, Vanguard, State Street, GFANZ, and the Net Zero Asset, intensifying the scrutiny.<\/p>\n","protected":false},"author":494,"featured_media":1966377,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[546],"tags":[],"class_list":["post-1966376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-federalist"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1966376","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\/494"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1966376"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1966376\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1966377"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1966376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1966376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1966376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}