Andrew Garbarino, R-N.Y., received $5,000 from BlackRock in October and $10,000 from Goldman Sachs' PAC since November 2021. $10,000 from State Street from April 2021 through mid-August 2022įEC filings show other ESG working group members received donations from the firms they are expected to be scrutinizing:.$10,000 from Goldman Sachs' PAC from September 2021 to early November 2022.$3,000 from State Street's PAC from October 2021 to late March 2022.$5,000 from the Vanguard Group's PAC in November.And for the first time in my professional career, attacks are now personal," Fink said. "It's hard because it's not business any more, they're doing it in a personal way. Two other Republican members of the working group took contributions from leaders of Apollo Global Management and Trian Partners, both of which tout their own ESG policies.Īpollo Global Management launched a sustainable investing platform that looks to invest $100 billion in clean energy projects by 2030, according to its 2022 annual ESG report.īlackRock CEO Larry Fink told Bloomberg at the World Economic Forum in Davos, Switzerland in January that the debate around ESG was getting ugly and the firm was trying to address the "misconceptions" around the issue. It was the third election cycle in a row that both lawmakers took donations from the firm's PAC.Ĭampaign filings also show that Huizenga and three of the nine members of the working group have recently received donations from the PACs of BlackRock, Vanguard, State Street or Goldman Sachs, all of which offer ESG investment strategies to clients. The $10,000 is the most a PAC can legally contribute to a campaign in an election cycle. Bill Huizenga, R-Mich., who chairs the Financial Services Oversight and Investigations Subcommittee and was tapped to lead the ESG working group, each took $10,000 during the last two-year election cycle from BlackRock's political action committee, according to FEC filings. Ten of the 29 Republicans on the Financial Services Committee, including McHenry, took in a combined $140,000 in campaign donations from those three investment firms during the 2022 election cycle, according to Federal Election Commission filings. Still, many Republican lawmakers received money from the very firms their party is criticizing. But Republicans have vilified BlackRock, Vanguard Group and State Street for leading the push on Wall Street to promote clean energy and what GOP lawmakers often title "left-wing social priorities." The announcement doesn't call out private equity or investment banks by name. Their latest tool in these efforts is environmental, social, and governance proposals," House Financial Services Chairman Patrick McHenry, R-N.C., said in a Feb. "Progressives are trying to do with American businesses what they already did to our public education system - using our institutions to force their far-left ideology on the American people. Chamber of Commerce and created a working group to "combat the threat to our capital markets posed by those on the far-left pushing environmental, social, and governance (ESG) proposals." Formed under the House Financial Services Committee, the panel promises to rein in the Securities and Exchange Commission and "hold to account market participants who misuse the proxy process or their outsized influence to impose ideological preferences in ways that circumvent democratic lawmaking." House, top Republicans have refused meetings with the U.S. Schlapp didn't return a request for comment. Matt Schlapp, chairman of the influential Conservative Political Action Conference, called on Republican lawmakers in a Sept ember letter to agree not to meet with "corporate woke elitist(s)" once they regained control of Congress.
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