House Majority Leader Steve Scales (R-LA) told Breitbart News in an exclusive interview Thursday that the ESG investment movement hurts the working class the most.
Scalise previously spoke to Breitbart News about the need to pass HR 1, the Lower Energy Costs Act, a bill that Republicans believe will mitigate many of the high energy costs facing the country.
Republicans succeed in the House and Senate, with help from Sens. John Tester (D-MT) and Joe Manchin (D-WV) HJ Res. 30a Congressional Review Act (CRA) resolution that would overturn Biden’s ESG rule or the Labor Department’s “prudence and loyalty in selecting plan investments and exercising stockholders’ rights” rule.
The bill was introduced to the president, and Biden did vow to veto the bill, though he hasn’t done so yet.
ESG is the latest vector through which the federal government, Wall Street asset managers, and activist investors are pushing private companies to adopt left-wing positions such as fighting climate change, advocating for racial justice, and demanding diversity.
A Republican bill has been approved to prevent pension fund managers from looking into environmental, social and corporate governance issues for investments, leading to a showdown with President Joe Biden, who is expected to veto the measure. https://t.co/1lqdNX1GLE pic.twitter.com/DOoOS8pP50
Reuters March 2, 2023
Scalise said Biden has launched an “all-out assault on American energy” since first becoming president, which includes scrapping the Keystone XL pipeline and blocking more oil and gas lease permits.
Biden has “unleashed every federal agency’s weight against energy producers with these extreme programs like ESG, where you can get financial regulators to discourage people from lending money for energy projects,” Scales said.
The Louisiana governor said this hurts the working class who are just trying to make ends meet.
RELATED: Sen. Tom Cotton: We Need to Investigate the ESG Climate Cartel’s ‘$5 Per Gallon Gas Contribution’
“If you’re a worker, or a blue-collar employee who just wants to retire and enjoy the highest yield from your 401(k) so you can have the best possible retirement, you need to be confident that when you reinvest your government-assisted retirement money,” Scales explained. In encouraging you to get the highest rate of return, not the lowest rate of return.” “And ESG hurts blue-collar workers badly because it takes money out of their retirement accounts.”
The Biden administration has also pushed an ESG in the Securities and Exchange Commission (SEC) by proposing a rule that would require companies to disclose alleged effects of severe weather and climate change. the Wall Street Journal reported that the agency may relax requirements after significant backlash.
Scales said House Republicans will continue to investigate federal agencies and administrations that harm Americans by increasing energy prices.
He said, “We’re going to investigate all these policies that hurt families, and make it hard to make things in America. Because our country is powered. And if we don’t work here in America, we just need to get it from other countries. And some of those countries don’t like us. Most of them don’t have it.” “The good environmental standards we already have. Why don’t you want to make more energy in America? And once again, we’ll give the Senate and the President the opportunity to join us when we pass the Low Energy Costs Act through the House.”
Sean Moran is a policy reporter for Breitbart News. Follow him on Twitter @employee.
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