BlackRock and State Street Subpoenaed over ESG Goals

Guest Post by Martin Armstrong

The House Judiciary Committee has issued subpoenas to BlackRock and State Street as part of an investigation into the firms’ promotion of environmental, social, and governance (ESG) goals. The committee’s probe is focused on whether these efforts violate antitrust laws. The companies were initially asked to provide documents on the subject, but the committee deemed their compliance “inadequate,” leading to the issuance of subpoenas. This investigation is part of a broader House GOP effort to scrutinize investing practices related to ESG goals.

ESG ratings have merely been a ploy to force companies to adhere to the Build Back Better agenda by adhering to climate goals. The CEI (Corporate Equality Index) was created by the HRC (Human Rights Campaign), a massive international political lobbying group that pushes the woke agenda aggressively and is funded by Soros. The CEI judges a company’s woke rating while the ESG encompasses everything.

The first bill that President Joe Biden vetoed was intended to dissolve the ESG climate social credit score. The bill passed 50-46 in the Senate before being destroyed by Biden. Out of all the issues facing America, Biden chose to use his presidential powers to kill this bill. BlackRock CEO Larry Fink naturally supported Biden’s veto. GOP donors held a conference in March in which they asked the panel: “Who’s more important: shareholders or stakeholders? Is the ‘stakeholder capitalism’ being sold by Larry Fink and other investors really stakeholder politics?” They also accused Vanguard and State Street of meddling in politics on behalf of the far left. Fink responded to critics by claiming BlackRock was not the “environmental police.”

Companies began backing away from ESG and CEI green and woke social scores. We saw the ESG mentioned 31% less frequently during earnings reports in Q2, and that trend has continued for the remainder of the year. Fink claims the score was simply weaponized by politics. Attorney Generals, Republican and Democrat alike, from various states have penned BlackRock to question their practices and whether they were in violation of antitrust laws. It is now time for the federal government to determine if it is permissible to blacklist businesses who do not adhere to the green agenda.

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