House Judiciary Chairman Rep. Jim Jordan and two other House Republicans sent four letters to the heads of massive companies such as BlackRock and Vanguard, calling on them to explain corporate environmental, social and governance (ESG) efforts that could violate federal antitrust laws.
The Daily Caller first obtained copies of the letters, which were sent Thursday to the heads of Glasgow Financial Alliance for Net Zero (GFANZ), Vanguard, BlackRock and State Street. Jordan was joined by Republican North Carolina Rep. Dan Bishop and Republican Kentucky Rep. Thomas Massie.
In all of the letters, the lawmakers say the companies appear to have potentially violated U.S. antitrust law by coordinating and entering into collusive agreements to “decarbonize” assets under management and reduce emissions to net zero.
GFANZ “is the world’s largest coalition of financial institutions committed to” net zero, and it “(c)oordinate(s) commitments and actions across the sector.” Net Zero Asset Managers (NZAM) is a sector-specific group within GFANZ that supports net zero goals and has more than 300 asset manager members, as well as over $59 trillion in assets under its management.
BlackRock, State Street and Vanguard are three of the world’s largest asset managers. BlackRock and State Street are members of both NZAM and a company named Climate Action 100+. Vanguard was also a member of NZAM until December 2022. Lawmakers say these companies appear to have colluded “to reach net zero emissions by 2050 or sooner across all assets under management.”
Reaching net zero emissions would severely harm the coal, gas and oil industries as many are trying to phase out gas-powered vehicles and coal and oil power plants. (RELATED:EXCLUSIVE: Jim Jordan Subpoenas Woke ESG ‘Cartel’ Company)
READ THE LETTERS HERE:
“We write because BlackRock, Inc. (BlackRock) is potentially violating U.S. antitrust law by entering into agreements to ‘decarbonize’ its assets under management and reduce emissions to net zero — with potentially harmful effects on Americans’ freedom and economic well-being,” the lawmakers wrote in one of the letters. “Accordingly, to advance our oversight and inform potential legislative reforms, we write to ask BlackRock to produce relevant documents and information.”
Jordan sent a subpoena to the CEO of Ceres in May, calling on the executive to explain corporate ESG efforts he said could also be in violation of federal antitrust laws. (RELATED: EXCLUSIVE: House Judiciary Chairman Jim Jordan, Rep. Dan Bishop Threaten Subpoena Of ESG ‘Cartel’)
The letter claims Ceres — a sustainability organization — appears to “facilitate collusion” through Climate Action 100+. Jordan and lawmakers compared Climate Action 100+ to a “cartel” that gets businesses to take action on climate change.
The Caller contacted GFANZ, Vanguard, BlackRock and State Street. The companies were given until “no later than 5:00 p.m. EDT on July 20, 2023” to “produce the requested information to the lawmakers.”
After publication, Vanguard responded with the following statement: “As an asset manager owned by the investors in our funds, our unique, independent approach is focused on helping everyday retail investors achieve their long-term financial goals. We look forward to reviewing and responding to the Committee’s request.”