McHenry Announces Financial Services Committee Republican ESG Working Group
Taps Huizenga to coordinate Republicans’ approach to environmental, social, and governance proposals
Washington,
February 3, 2023 -
Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced the formation of a Republican Working Group—led by Oversight and Investigations Subcommittee Chairman Bill Huizenga (MI-04)—to combat the threat to our capital markets posed by those on the far-left pushing environmental, social, and governance (ESG) proposals.
“Progressives are trying to do with American businesses what they already did to our public education system—using our institutions to force their far-left ideology on the American people. Their latest tool in these efforts is environmental, social, and governance proposals. This is why I am creating a Republican ESG working group led by Oversight & Investigations Subcommittee Chair Bill Huizenga,” said Chairman McHenry. “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. Financial Services Committee Republicans as a whole will continue our work to expand capital formation, hold Biden’s rogue regulators accountable, and support American job creators.”
“Last year, the Supreme Court ruled in West Virginia vs EPA that government bureaucracies cannot arbitrarily expand their own regulatory reach,” said Congressman Bill Huizenga. “The SEC’s climate disclosure rule is a prime example of this overreach- that would have a wide-ranging impact on hard working Americans across all walks of life. I look forward to leading our committee’s ESG working group, which will focus on promoting strong, vibrant capital markets, while defending the interests of all retail investors.”
ESG Working Group Members
- Monica De La Cruz (TX-15)
Background
The Financial Services Committee’s Republican ESG Working Group is committed to protecting the financial interests of everyday investors and ensuring American capital markets remain the envy of the world.
To combat the threat posed to our free markets by far-left environmental, social, and governance proposals, the working group will examine ways to:
- Rein in the SEC’s regulatory overreach;
- Reinforce the materiality standard as a pillar of our disclosure regime;
- And hold to account market participants who misuse the proxy process or their outsized influence to impose ideological preferences in ways that circumvent democratic lawmaking.
The working group will coordinate Republicans’ response to the ESG movement through Member education and policy development across the Committee’s jurisdiction and throughout the broader House Republican Conference.
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