Rep. Jim Jordan, the chairman of the House Judiciary Committee, sent subpoenas to two of the biggest financial institutions worldwide on Friday, requesting information about their initiatives to advance environmental, social, and corporate governance (ESG) objectives.
As part of the House Judiciary Committee’s inquiry into the constitutionality of existing antitrust laws in preventing major corporations from conspiring to advance politicized environmental, social, and governance (ESG) agendas, the subpoenas were issued against BlackRock and State Street Global Advisors.
“Corporations are collectively adopting and imposing progressive environmental, social, and governance (ESG)-related goals, and State Street Global Advisors (State Street) appears to have entered into collusive agreements to ‘decarbonize’ its assets under management and reduce emissions to net zero in ways that may violate U.S. antitrust law,” Jordan wrote in his Subpoena’s cover letterl
The financial titans are being compelled to provide documents and communications that Jordan and his colleagues requested in July.
The committee’s subpoenas issued on Friday are a more forceful effort to achieve this.
The two companies have provided a portion of the materials that were requested by the committee in July; however, their “overall response to the committee’s requests has been inadequate,” as stated in the subpoenas issued by the House Judiciary Committee.
Vanguard and Arjuna Capital, two additional enormous asset managers, were served subpoenas by Jordan and the House Judiciary Committee on Monday for identical motives.
Jordan argues that the quantity of documents submitted by firms of a much smaller scale than State Street in the investigation’s scope is significantly greater than the 6,998 documents that State Street has thus far submitted to the committee (as stated in the cover letter).
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