House Judiciary Chairman Jim Jordan and two other House Republicans fired off letters to financial industry giants including BlackRock Inc., Vanguard Group Inc. and State Street, contending that their efforts to combat climate change could violate antitrust law.
The lawmakers warned in the letters on Thursday that agreements to decarbonize their assets “and reduce emissions to zero” could have “potentially harmful effects on Americans’ freedom and economic well-being.”
Jordan, Rep. Thomas Massie of Kentucky and Rep. Dan Bishop of North Carolina signed the letters, which ask for “relevant documents and information” to be produced within two weeks.
Companies that follow environmental, social and governance investing principles have come under increasing attack from Republicans on Capitol Hill, as well as candidates seeking the GOP presidential nomination.
Florida Gov. Ron DeSantis, for example, earlier this year signed legislation that restricts his state’s pension funds from investing based on ESG factors.
The letters highlight the widening schism between much of the modern GOP and Wall Street, long a traditional ally.
The Republican lawmakers also sought information from the Glasgow Financial Alliance for Net Zero and its Net Zero Asset Managers initiative. GFANZ is co-chaired by former Bank of England Governor Mark Carney and Michael R. Bloomberg, the founder of Bloomberg News parent Bloomberg.
BlackRock said in a statement that its “sole focus as a fiduciary is seeking the best financial outcomes for our clients, consistent with their investment objectives. We look forward to engaging with the committee on how we do that.”
Representatives for State Street and Vanguard had no immediate comment on Thursday night.
Driven by robust transaction activity amid market turbulence and increased focus on billion-dollar plus targets, Echelon Partners expects another all-time high in 2025.
The looming threat of federal funding cuts to state and local governments has lawmakers weighing a levy that was phased out in 1981.
The fintech firms' new tools and integrations address pain points in overseeing investment lineups, account monitoring, and more.
Canadian stocks are on a roll in 2025 as the country prepares to name a new Prime Minister.
Carson is expanding one of its relationships in Florida while Lido Advisors adds an $870 million practice in Silicon Valley.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
