It’s anti-ESG month for House Republicans, which means a blitz of hearings and legislation aimed mostly at environmental efforts and programs at all kinds of companies, including large financial institutions.
This week marked the first in the House Financial Services Committee’s programing for the larger GOP effort. It ended largely the same way it began — with both sides deeply entrenched along partisan lines. That means that it’s extremely unlikely that any kind of legislation on ESG issues will make it through Congress to President Joe Biden’s desk.
That said, the GOP’s ant-ESG campaign (and the Democratic response) is still important to watch, as the national debate sets the stage for state-level debates across the country. And in some cases, depending on the outcome of the 2024 presidential race, the conversations that lawmakers are having now could set the stage for legislation down the line.
Source : American Banker