So the political ball bounces…
The Hill reported that
“A group of House Democrats is forming a caucus to advocate for sustainable investing — a rapidly growing sector that already accounts for trillions in global investment. Reps. Sean Casten (D-Ill.) and Juan Vargas (D-Calif.) announced Wednesday they would be co-chairing the caucus, which also includes Reps. Bill Foster (D-Ill.), Raúl Grijalva (D-Ariz.), Brad Sherman (D-Calif.) and Emanuel Cleaver (D-Mo.).”
Responsible Investor explained more about the goals of the caucus:
“[It] will seek to educate members of Congress on the market-driven benefits of sustainable investing, as well as informing policymaking the provides investor protection and market transparency. It will support federal agencies to advance proposals and regulations which recognize the importance of using ESG criteria in the investment process through regular events and discussions.”
Casten also said he also plans to fight for legislation supporting ESG/sustainable investing.
This isn’t completely reason to celebrate, however. Republicans hold a narrow majority in the House, so any pro-ESG legislation will face a tough battle every step of the way. Even the group’s non-legislative activities will face hostility in Congress and in a number of states. This action may be more symbolic than effective, but who knows.