Government-mandated ESG reporting policies for public U.S. companies has long been a point of contention for corporate-friendly Republicans.
Democratic and Republican lawmakers argued over standards for ESG disclosures during a House Financial Service Committee hearing on Wednesday.
Democrats argue the standards are necessary amid increasing climate disasters, while Republicans contend they interfere with corporate freedom. Rep. Patrick McHenry and Chairman of the House Financial Service Committee Maxine Waters listen as David Marcus, CEO of Facebook’s Calibra, testifies on "Examining Facebook's Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System" on Capitol Hill in Washington, U.S., July 17, 2019.
The GOP majority committee members decried the disclosure rules as part of a broader push to discourage ESG investing nationwide. Democrats defended them as necessary to promote responsible investing to reduce inequities and curb climate change.
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