Republicans announce hearing over ESG’s ‘damaging’ impacts

One of the focal points of Biden's administration is drawing more ire in Congress.

Published: May 31, 2023 12:50pm

Updated: May 31, 2023 4:13pm

A GOP-led House panel will further investigate what they call the "damaging effects" of environmental, social and corporate governance (ESG) across U.S. industry sectors, including energy.

The hearing is being held by the chamber's Subcommittee on Economic Growth, Energy Policy and Regulatory Affairs, which is led by Republican Reps. Pat Fallon and Lisa McClain, who also fault the Biden administration for the emphasis corporations have put on ESG over profitability. 

"No administration should be able to impose damaging restrictions that burden American energy companies, disincentivize investment, and gamble with Americans’ retirement to fund its own far-left political agenda in the private market," Fallon and McClain said in a joint statement.

They also said the administration continues to make "economic, energy and national security interests" secondary to "progressive ESG schemes" that they say "impact businesses, consumers and retirees."

President Biden has been an advocate of businesses utilizing ESG.

In March, he issued his first veto over a Republican attempt to prevent ESG factors from being considered by pension funds when making investments.

The hearing – titled "The Cascading Impacts of ESG Compliance" – will be held June 6 and include Mandy Gunasekara of Independent Women’s Forum, The Honorable Jason Isaac of the Texas Public Policy Foundation and Stephen Moore of the Heritage Foundation.

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