Representative Comer requests information from Federal Reserve regarding ESG policies
Rep. James Comer, R-Ky., who chairs the House Oversight Committee, has reached out to the general counsel of the Federal Reserve Board of Governors to request more information on how environmental, social, and governance (ESG) policies are impacting the actions of asset managers.
In his letter to Mark Van Der Weide, the board’s general counsel, Comer stated that the Committee on Oversight and Accountability is investigating the integration of ESG policies in the U.S. economy. Specifically, they are looking into potential breaches of agreements with the Federal Reserve System by certain asset managers and the regulatory implications of ESG-related pledges across the asset management industry.
Comer’s panel previously held a hearing in May to examine the collaboration between asset managers, activist shareholders, and progressive advocacy groups to advance ESG priorities.
The congressman highlighted the creation of alliances aimed at coordinating engagement in the financial services community to push for actions aligned with the Paris Climate agreement and other ESG measures.
He raised concerns about pledges made by asset managers to work collectively with others, pursue specific outcomes, and utilize assets to achieve common goals, suggesting that these actions may violate previous agreements with the Federal Reserve Board.
Comer emphasized the importance of understanding whether asset managers are adhering to the conditions set by the Federal Reserve and called for greater oversight of the industry’s activities by banking regulators.
To aid the investigation, Comer posed 12 questions to Van Der Weide and requested a response by March 11. He also reminded the general counsel of the committee’s authority to inquire into any matter at any time under House Rule X.
Nicole Wells ✉
Nicole Wells, a Newsmax general assignment reporter covers news, politics, and culture. She is a National Newspaper Association award-winning journalist.
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