I know things are moving fast in ESG, but this was shocking. Just last month, House Republicans acted as if they had lost interest in ESG/anti-ESG. I wrote in June that “We may have exceeded Congress’ attention span for anti-ESG.” Turns out, I was pretty far off-base. From Responsible Investor last week:
“Capitol Hill Republican staffers are preparing the House Financial Services Committee’s flagship ‘ESG month’.
According to a provisional copy of the schedule seen by Responsible Investor, the month starts with a full committee hearing on ESG on 12 July, before the various subcommittees hold their own examinations from 13 to 18 July. The grand finale will be a full committee hearing. While the initial hearing will likely be a scene-setting exercise, the individual subcommittee hearings are expected to examine proposed bills that will put into practice areas of the anti-ESG manifesto published by the committee last Friday. The 26 July session will see the full committee look to amend the bills and pass them on to the House, where they may appear in the autumn.”
The roller coaster ride is getting wilder. Even though prior House Oversight Committee hearings weren’t exactly blockbusters, the Financial Services Committee seems determined to move forward with a multi-act anti-ESG showcase this month. Ultimately, these may turn out to be like a lot of other Congressional hearings – “full of sound and fury, signifying nothing.” Still, you may want to keep an eye on how these hearings unfold and be prepared to address questions from management and directors concerning their implications for your ESG efforts.