Jordan subpoenas major investment firms for evidence on ESG collusion

House Judiciary Committee Chairman Jim Jordan on Friday subpoenaed two major players in the investment world for evidence in his investigation into Wall Street efforts to impose the liberal climate doctrine known as Environmental Social Governance or ESG and force carbon out of corporate America.

The subpeonas to BlackRock and State Street Global Advisers come months after Jordan made written requests for documents detailing how BlackRock pushed ESG policies in the investment world. Jordan said while his committee got some responsive materials from the two firms, he believes more is warranted.

"BlackRock’s response without compulsory process has been inadequate," Jordan wrote the firm, noting the company was claiming it would take until February to complete its search for documents.

The committee has said it believes BlackRock used its position in the market to force other companies to adopt ESG goals.

"BlackRock appears to have entered into collusive agreements to 'decarbonize' its assets under management and reduce emissions to net zero in ways that may violate U.S. antitrust law.," Jordan wrote BlackRock in a letter accompanying the subpoena. "To advance our oversight and inform potential legislation related to collusive ESG policies, the Committee must understand how and to what extent BlackRock may have colluded to promote ESG-related goals."

You can read that letter here: