States Warn ESG Banks: ‘Stay in Your Lane’
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States Warn ESG Banks: ‘Stay in Your Lane’
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Some states are warning banks that put progressive policies ahead of the bottom line.
From Fox News. A coalition of 21 state attorneys general sent a stark warning to dozens of financial institutions and asset managers, warning them against pursuing woke environmental and social initiatives.
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In a letter sent Thursday to 53 of the nation’s largest financial institutions, which collectively manage trillions of dollars worth of assets, the attorneys general threatened to take legal action if the firms veer from the best interests of their clients while pushing social priorities. The effort, led by Montana, Utah and Louisiana, comes ahead of proxy season during which most companies hold annual shareholder meetings where they vote on key policy initiatives.
“This ESG nonsense is filtering into a lot of our states and the way they’re doing it is really, really concerning and probably flagrantly illegal,” Montana Attorney General Austin Knudsen told Fox News Digital in an interview. “Pushing it through these asset managers and through these proxy votes is extremely concerning.”
“The message is: ‘Stay in your lane and do what you’re supposed to do. You have a fiduciary obligation under our various states laws to maximize investment. That’s your job. … ‘ ”
The letter, first obtained by Fox News Digital, stated that in recent years large asset managers, which hold majority stakes in major publicly-traded companies, have used client assets to change companies’ behavior to align with so-called environmental, social and governance (ESG) standards. …
“Simply put, you are not the same as political or social activists and you should not be allowing the vast savings entrusted to you to be commandeered by activists to advance non-financial goals,” it continued. …
BlackRock, which alone manages more than $8.5 trillion, has explicitly leveraged client funds to push green transition policies to combat global warming. In 2021, the firm’s CEO Larry Fink said that pension funds, foundations and endowments “should have a loud voice with [fossil fuel] companies to move forward.”
The letter Thursday also warned against taking certain actions promoting race and gender quotas or abortion. More than 20 abortion-related proxy measures have been proposed this year, more than every other year combined, according to the shareholder advocacy group As You Sow.
In addition to BlackRock, the letter was sent to Franklin Templeton, Goldman Sachs, HSBC, Invesco, JP Morgan, State Street and dozens of other asset managers.
How are you praying against the ESG agenda? Share your prayers and scriptures below.
(Excerpt from Fox News. Photo Credit: Getty Images)
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We pray God would continue to cause people to stand up for what is right and for the letter that went to banks. May the banks stop their foolishness and honor the letter.
Praise God for the internet being used to revive, stimulate prayer and to “awaken sleeper, rise from the dead, and Christ shall give thee light!”!!!
May our priorities be those of the Lord Jesus Christ, who thought it not robbery to be equal with God, but took the form of a servant (Phil.2) and being found in form as a man, was obedient unto suffering, who ever lives to make intercession for us, the wayward ones! Hallelujah! May we Christians serve humbly and adapt quickly to changing circumstances! May we be resilient, ever-caring, ever having a clear conscience with which we can testify BOLDLY what the Lord has done in our lives, and how He has saved us from the pit of hell and despair!!!!
who knows but we, like Queen Esther and uncle Mordecai, have been “Born for such a time as this”! Yes, come, Lord Jesus, and let us occupy until you return, give your word liberty! May Your Holy Spirit guide us! May we groan without words in accordance with Your Holy will, Father of our Lord Jesus Christ! May the devil flee our bounty reserves, which you have counseled us to lay in store for the needy when the worst of times comes to pass! Amen!