"The business world has been pulled into partisan politics, with Republicans bringing their battle against socially conscious investing to Congress."
"It’s been a widely accepted trend in financial circles for nearly two decades. But suddenly, Republicans have launched an assault on a philosophy that says that companies should be concerned with not just profits but also how their businesses affect the environment and society.
More than $18 trillion is held in investment funds that follow the investing principle known as E.S.G. — shorthand for prioritizing environmental, social and governance factors — a strategy that has been adopted by major corporations around the globe.
Now, Republicans around the country say Wall Street has taken a sharp left turn, attacking what they term “woke capitalism” and dragging businesses, their onetime allies, into the culture wars.
The rancor escalated on Tuesday as Republicans in Congress used their new majority in the House to vote by a margin of 216 to 204 to repeal a Department of Labor rule that allows retirement funds to consider climate change and other factors when choosing companies in which to invest. In the Senate, Republicans are lining up behind a similar effort and have been joined by Senator Joe Manchin III, Democrat of West Virginia."
David Gelles reports for the New York Times February 28, 2023.
SEE ALSO:
"The Conservative Battle Against ‘Woke’ Banks Is Backfiring" (Washington Post)
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