GRASPING FOR STRAWS....3/2/23
Updated: Mar 9
Yesterday the Senate voted to abolish a rule that allows fiduciary retirement fund managers to consider environmental, social, and good corporate governance factors when deciding how to invest their clients' money. ESG investing has been around for a long time but Republicans and other politicians from coal and oil producing states hate it because they see environmentally conscious investors moving away from their industries.
Biden said he plans to veto the measure. John Tester and Joe Manchin were the only 2 Democrats who went along with the Republicans in throwing out the rule and both are from red states where they need to tread carefully in an effort not to piss off the right.
We hold exclusively ESG funds because it's the right thing to do - not because we're "woke" as some like to accuse those of us who care about climate change. It turns out that the anti-ESG campaign is funded primarily by an army of conservative organizations with ties to wealthy GOP political contributors and fossil fuel companies.
We haven't heard the last of it. 2024 presidential hopeful, Vivek Ramaswamy, has made the assault on ESG's a centerpiece of his campaign.