House Republicans form working group to counter ESG proposals

Republicans on the House Financial Services Committee have formed a working group to counter what they say is the threat to capital markets posed by environmental, social and governance proposals. According to a committee statement, the working group will seek to rein in SEC regulatory overreach, reinforce the materiality standard as a pillar of the disclosure regime, and hold to account market participants who misuse the proxy process to impose their ideological preferences.

“This group will develop a comprehensive approach to ESG that protects the financial interests of everyday investors and ensures our capital markets remain the envy of the world,” Committee Chairman Patrick McHenry (R-N.C.) said.

The working group will be led by Rep. Bill Huizenga (R-Mich.), who also chairs the Oversight and Investigations Subcommittee. The other members are Reps. Ann Wagner (R-Mo.), Barry Loudermilk (R-Ga.), Bryan Steil (R-Wis.), Andrew Garbarino (R-N.Y.), Byron Donalds (R-Fla.), Monica De La Cruz (R-Texas), Erin Houchin (R-Ind.) and Andy Ogles (R-Tenn.).

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