Passive Asset Managers Top ESG Financial Hit List

Late Friday, GOP HFSC Members issued a withering report criticizing the Biden Administration for using financial regulators to do its political bidding on ESG objectives that it believes “contort” financial regulators into political instrumentalities that put retail investors at risk.  The group’s most immediate target is environmental policy, but it plans also to focus on corporate decision-making to ensure that it too does not put policy goals above pecuniary return.  The SEC is unsurprisingly the GOP’s top target, with HFSC likely readying action on an array of proxy-voting changes and proposed bills to block the Commission’s proposed climate-risk disclosures.