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Senate overturns federal rule on ESG investments, Biden vows to veto

Christina Wilkie of CNBC reports on the Senate vote to overturn a federal rule on ESG investing.

The C3 Take
  • The federal government should neither discourage nor encourage the consideration of ESG. If ESG materially affects an investment then investors should consider it, but even creating rules to encourage the consideration of ESG can lead to a slippery slope where it’s mandated in the future.
  • Retirement managers should be free to make decisions that produce the best rate of return without heavy handed interference from regulators.
  • Individual consumers, not elected officials or corporate boards, should be empowered to weigh ESG factors in their purchasing decisions. Sustainable market changes only work when they are led by individual consumers.
  • If the Biden administration wants to lower emissions, they should promote economic freedom and implement the policy recommendations outlined in the Climate and Freedom Agenda, such as expediting permitting for lower emissions energy projects.

“‘The last thing we should do is encourage fiduciaries to make decisions with a lower rate of return for purely ideological reasons,’ Sen. Mike Braun of Indiana, the Senate’s lead sponsor of the bill, said earlier this month.”

Read the full article here.

The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.

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