(Luis Cornelio, Headline USA) The House Judiciary Committee, led by Rep. Jim Jordan, R-Ohio, has sent four letters to the heads of major companies, demanding answers regarding their efforts to promote corporate environmental, social, and governance initiatives that may potentially violate federal antitrust laws.
A press release from the House Judiciary revealed that the letters were addressed to executives at BlackRock, Vanguard, State Street Global Advisors and the Glasgow Financial Alliance for Net Zero. The committee accused these companies of colluding “to reach net zero emissions by 2050 or sooner across all assets under management.”
#NEWS: @Jim_Jordan, @RepThomasMassie, & @RepDanBishop Expand ESG Inquiry to BlackRock, Vanguard, State Street, Glasgow Financial Alliance for Net Zero, and Net Zero Asset Managers initiative for Potential Antitrust Violations.
— House Judiciary GOP 🇺🇸 (@JudiciaryGOP) July 6, 2023
In a letter directed at BlackRock, Jordan expressed concerns about potential violations of U.S. antitrust law. He stated, “BlackRock, Inc. (BlackRock) is potentially violating U.S. antitrust law by entering into agreements to ‘decarbonize’ its assets under management and reduce emissions to net zero—with potentially harmful effects on Americans’ freedom and economic well-being.”
The letter also requested relevant documents and information from BlackRock to aid in oversight and potential legislative reforms. Jordan reiterated similar language in the other three letters.
Jordan cautioned that in their pursuit of net-zero emissions, these companies would impose “draconian” restrictions on the use of coal, oil and gas.
He noted, “Such restrictions limit output and increase prices, and deprive businesses of investments and consumers of choices. The potential consequences for American freedom and economic well-being are far-reaching.”
According to the Judiciary Committee’s press release, the committee is evaluating the detrimental impact of these progressive proposals on the American economy.
In response to the congressional investigation, Vanguard, one of the companies under scrutiny, issued a statement to The Daily Caller, which first obtained the letters. A spokesperson for Vanguard said, “As an asset manager owned by the investors in our funds, our unique, independent approach is focused on helping everyday retail investors achieve their long-term financial goals. We look forward to reviewing and responding to the Committee’s request.”
The Caller also reported that the four letters followed a Judiciary subpoena sent to Ceres CEO Mindy Lubber, seeking answers on the corporation’s ESG promotion scheme.
