Watchdog group launches ad blitz against Bank of America over ESG investing practices

Advocacy group Consumers' Research this week launched an ad campaign against Bank of America seeking to highlight the firm's environmental, social, and corporate governance (ESG) practices.

ESG investing involves the use of investor capital by an asset manager in select investments that focus not on maximizing returns, but on advancing political and social causes. The practice has attracted considerable scrutiny from Republicans, who argue it may constitute a breach of the firm's fiduciary duty to investors.

Bank of America, the group contends, uses "its market power and resources to force its ideologically driven agenda on the American people" and "puts politics ahead of its customers."

"We are putting Bank of America on notice. CEO Brian Moynihan has wielded the United States’ second-largest bank like a political club," said Consumers' Research Executive Director Will Hild. "Under his watch, the bank has brought China’s social credit system to American soil by using arbitrary ESG metrics to potentially lock individuals and businesses out of key banking services."

"Their multibillion dollar lobbying efforts helped stagnate our economy and crippled domestic energy production at the behest of the UN’s climate cartel known as the Net Zero Alliance," he continued. "They also went full woke, forcing employees to endure 'DEI' training that denigrated the United States as racist and challenged employees to confront their 'White Privilege.' Bank of America simply does not have America’s best interests at heart."

Included in the campaign thus far are more than a dozen billboards, including one in Times Square, and two national tv ads. The group has also create a website, modeled after Bank of America's own, through which they aim to call attention to the firm's practices.

Ben Whedon is an editor and reporter for Just the News. Follow him on Twitter.