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Republicans Think ESG Efforts May Violate Antitrust Laws

By  |  December 7, 2022

Several Republican members of the House Judiciary Committee are warning that corporate environmental, social, and governance (ESG) efforts may run afoul of federal antitrust laws, if there is a concerted effort by different companies to advance certain goals.

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    Ranking member Jim Jordan, R-Ohio, and Reps. Dan Bishop, R-N.C., Matt Gaetz,R-Fla., Scott Fitzgerald, R-Wis., Tom McClintock, R-Calif.,and Cliff Bentz, R-Ore., expressed their concerns in a letter to two members of the steering committee for Climate Action 100+, a group that works to get corporations to take action against climate change.

    Read more: Republicans Vow To Use Their Oversight Powers “To Scrutinize Antitrust Violations In ESG”

    “Woke corporations are collectively adopting and imposing progressive policy goals that American consumers do not want or do not need,” the letter said. “An individual company’s use of corporate resources for progressive aims might violate fiduciary duties or other laws, harming its viability and alienating consumers. But when companies agree to work together to punish disfavored views or industries, or to otherwise advance environmental, social, and governance (ESG) goals, this coordinated behavior may violate the antitrust laws and harm American consumers.”

    The letter likened Climate Action 100+ to a “cartel” that gets businesses to change policies and practices to meet its goals.