MEMO: Anti-Free Market Attacks to Continue in Second Anti-ESG Congressional Hearing

MEMO: Anti-Free Market Attacks to Continue in Second Anti-ESG Congressional Hearing • June 6, 2023

Ahead of today’s second anti-ESG congressional hearing to advance attacks on America’s free market, For the Long Term is releasing a memo detailing what to expect during the charade, key facts to keep in mind while watching, and the movement’s anti-free market foundation.

The 2:00 PM EST hearing, which follows one last month that pushed conspiracy theories and nonsensical arguments, is being held to “double down and mislead the media and the American people about responsible risk management decisions made by institutional investors throughout the country,” the memo states.

Continuing, the memo details how anti-ESG laws are a “dangerous intrusion on America’s free market system” and “incentivize businesses to ignore risk and focus on short-term boosts to corporate profits — which is great for CEOs and ultra rich shareholders, but bad for retirees.”

Read and download the memo here.

Background: Today’s congressional hearing is a clear attempt to rekindle stalling efforts in the states to restrict investment decisions as anti-ESG bills proposed in legislatures across the nation have been defeated or significantly weakened after alarms were raised over their costs to taxpayers and retirees. States like Indiana, Iowa, Kansas, Mississippi, North Dakota, and Wyoming have seen anti-ESG bills defeated or severely watered down. In Arkansas, Kansas, Indiana, Texas, Florida, Kentucky, Louisiana, Missouri, Oklahoma, and West Virginia, state pension systems and additional studies have estimated impacts from anti-ESG laws in the millions or even billions of dollars.

About For The Long Term: For the Long Term is a 501(c)(3) organization that supports state and municipal treasurers, comptrollers, controllers, and auditors in leveraging the power of their offices to deliver prosperity for their beneficiaries and their constituents and long term economic growth for our country by advocating for more sustainable, just, and inclusive firms and markets. Learn more at ForTheLongTerm.org.

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