ESG investing, or the idea of directing capital only toward those companies that would use their resources to embark on projects that are socially responsible, might sound like a good idea. Who wants to, after all, help fund a company that turns rivers to sludge with pollution or uses slave labor in the “developing world” to produce phones or sneakers?
But, while perhaps a good idea in theory, ESG investing has become just another tool for the left, which uses it to pressure non-woke companies into adopting all the insane policies preferred by the wokest of the woke on Wall Street. Faced with ESG cabals, companies can either bend the knee to wokeness or risk seeing their stock price crater as funds give them the boot and sell off their shares.
And so it’s become a major target of the right, though there so far hasn’t been a coherent, unified approach to fighting it. Some companies and states just ignore it as best they’re able. Some states, like Texas, have prevented government entities from doing business with woke, ESG-pushing funds like BlackRock.
Well, now Rep. Kevin McCarthy, who will almost certainly be Speaker of the House after the 2022 red wave, has offered an alternative strategy to deal with the ESG investing issue: use anti-trust to take a hammer to the cabal pushing it. Watch him discuss that here:
As you can hear in the video, Rep. McCarthy, speaking during an interview on Thursday’s “Hugh Hewitt Show,” said, when asked about ESG:
“You’re right, 100%. And what this ESG is doing, it’s making the entire country weaker. It’s making China and India stronger. It’s destroying our companies, but it’s just totally playing politics. It is antitrust…and you’re going to see us tackle that in part of the Commitment to America as we go forward.
“I mean, really, when you look at the…Commitment to America and people say, what is it, it’s a plan for a new direction. And the sad part is, all of the challenges that you have, all of these challenges from inflation, from crime, to the border, to our weakness around the world, it’s all created by Democratic policies, and they have no plan to fix it. But we do.”
The “Commitment to America” that Rep. McCarthy referenced multiple times in his response to Hugh Hewitt is his plan to take on the far left and rally Republican voters around GOP candidates in the runup to this year’s midterm elections.
The main platforms of the “Commitment to America” are “An Economy That’s Strong,” “A Nation That’s Safe,” “A Future That’s Built on Freedom,” and “A Government That’s Accountable.”
Given the way that ESG investing weakens America’s companies, makes them less free, and, in destroying our industrial base, makes us less safe, the anti-trust attack on ESG investing could potentially fit under any of the first three pillars, though “An Economy That’s Strong” is probably the closest fit.
Watch the preamble to it here: