Democrat congressman calls Republican efforts against ESG 'Taliban-like'
Republicans have pushed back against corporate ESG governance
Walser Wealth Management President Rebecca Walser reacts to companies using ESG to raise money on 'Making Money.'
A Democrat congressman is calling Republican efforts to push back against environmental social and corporate governance "Taliban-like."
Rep. Jim Himes, D-Conn., made the comment in an interview with Politico published on Tuesday, which discusses the battle being brought by Republicans against corporate America's ESG efforts.
"The party formerly of free markets has decided that they will use the power of government to pound on Disney, to pound on banks that … won’t invest in the carbon industry," Himes said. "We’re standing up for free markets against a Taliban-like attack on the private sector."
The comment from Himes comes as Republicans have ramped up efforts to battle ESG in corporate America.
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Rep. Jim Himes, D-Conn., arrives to the U.S. Capitol for the last votes of the week on Thursday, April 20, 2023. (Tom Williams/CQ-Roll Call, Inc via Getty Images / Getty Images)
Chairman of the House Financial Services Subcommittee on Oversight and Investigations, Rep. Bill Huizenga, R-Mich., sent a letter in July to some of the largest asset managers, which include BlackRock, Vanguard, State Street and JP Morgan, requesting information on how the companies are balancing their ESG initiatives with the fiduciary responsibilities that they have investors.
BlackRock CEO Larry Fink has said during interviews with FOX Business that the company is taking a more moderate ESG approach and only offers it to clients who specifically hire the asset manager for that purpose.
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Laurence Fink, founder and chief executive officer of BlackRock, Inc. speaks during the Reuters Global Investment Outlook Summit in New York, U.S., November 13, 2017. (Reuters/Lucas Jackson / Reuters Photos)
Earlier this year, Biden vetoed a Republican-led bill which would have gutted a regulation that encourages private retirement plan fiduciaries to take into account ESG factors in making investment decisions.
Two Senate Democrats, Sen. Joe Manchin, D-W.V. and Sen. Jon Tester, D-Mont., voted for the bill.
Rep. Andy Barr, R-Ky. said during a February FOX Business interview that "Americans don't want their retirement politicized. They don't want politics as part of their retirement portfolio."
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WASHINGTON DC, UNITED STATES - JUNE 26: US President Joe Biden attends the The Broadband Event at the White House in Washington D.C., United States on June 26, 2023. (Photo by Celal Gunes/Anadolu Agency via Getty Images / Getty Images)
"Eight out of 10 Americans are concerned whether or not they're going to be able to afford a comfortable retirement," Barr said Tuesday. "Now is not the time to put politics or climate or social justice or other political factors ahead of financial performance in 401(k)s and other retirement plans."
FOX Business reached out to Himes' office for comment.
FOX Business' Kristen Altus, Chris Pandolfo, Eleanor Terrett, and Charlie Gasparino contributed to this report.