A Republican congressman slammed the use of environmental, social, and governance investing and said that “asset managers are prioritizing ESG goals over profit and risking Americans’ hard-earned money.”
“Millions of Americans across the country trust their investments will be used to make a profit and hopefully one that they can live on comfortably in retirement because what we’re really after here, what we’re all investing in the long term, is financial security,” Rep. Pat Fallon, R-Texas, said at a hearing. “But these days it’s not crazy for many Americans to wonder: Will I even be able to afford retirement?”
“This administration has driven inflation through the roof, it’s at a 40-year high, and pushed the economy to the brink of a major recession, which we all pray won’t happen, but it very well could in the next year,” Fallon, chairman of the economic growth, energy policy, and regulatory affairs subcommittee, said. “Now, due to Democrats’ ESG push, asset managers are prioritizing ESG goals over profit and risking Americans’ hard-earned money.”
ESG, which stands for environmental, social, and governance, is a business framework that elevates environmental and social causes over profit and shareholder value creation and has been popularized by some businesses and financial investors.
House Oversight and Accountability subcommittees on economic growth, energy policy, and regulatory affairs and health care and financial services held a hearing Tuesday titled “ESG Part II: The Cascading Impacts of ESG Compliance.”
The full committee previously held a hearing in May titled “ESG Part I: An Examination of Environmental, Social, and Governance Practices” with attorneys general.
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“This administration has driven inflation through the roof and pushed the economy to the brink of a major recession.
Now, due to Democrats’ ESG push, asset managers are prioritizing ESG goals over profit and risking Americans’ hard-earned money.”@RepPatFallon opens ESG… pic.twitter.com/HMQX0z12Lk
— Oversight Committee (@GOPoversight) June 6, 2023
“With ESG investing, businesses are now tasked with accounting not only for their own carbon footprints, but maybe the footprint of their contractors and suppliers, the race and gender of their corporate boards instead of the merit and performance of those same corporate board members,” Fallon said.
ESG flips financial management on its head and puts politics over your hard-earned money.
It's a sickening display of leftist nonsense that has no place in your investments. https://t.co/31V15i2ZyW
— Representative Lisa McClain (@RepLisaMcClain) June 6, 2023
“I am for the freedom to invest your own money into the causes you the client actually believes in. But that’s not what’s happening here. Managers are investing your money in causes they believe in and we are seeing real consequences for Americans’ retirements,” Rep. Lisa McClain, R-Mich., said at the hearing. “Americans’ retirement assets were down nearly 15% last year. Fifteen percent.”
“This includes state pension funds. State pension funds support teachers, librarians, firefighters, and other public sector employees,” McClain, chairwoman of the health care and financial services subcommittee, said.
McClain also said, “Some states, such as Texas and Kansas, are actually getting in front of this by advancing laws that restrict investments that consider non-financial factors, remember they’re in the financial sector, they should be focusing on financial factors, like ESG for state pension funds.”
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"While branded as an investment strategy for good, ESG manipulates markets as well as access to markets in order to advance a leftist political agenda," @MississippiMG says. pic.twitter.com/arlWTrXJwY
— Samantha Aschieris (@samantharenck) June 6, 2023
Mandy Gunasekara, director of the Independent Women’s Forum Center for Energy & Conservation; Jason Isaac, director of of Life:Powered at the Texas Public Policy Foundation; and Stephen Moore, distinguished fellow in economics at The Heritage Foundation, testified on Tuesday. Shivaram Rajgopal, Roy Bernard Kester and T.W. Byrnes professor of accounting and auditing at Columbia Business School, was the Democrats’ witness.
“The ‘E’ standards result in higher cost energy, unreliable electricity grids, and stand to undermine environmental progress,” Gunasekara said. “The ‘E’ standards also enrich high-end asset managers at BlackRock, State Street, and Vanguard at the expense of retirees and pensioners.”
“‘S’ standards force companies to engage in controversial political issues, such as campaigns to defund the police or promoting ‘gender transitions’ in children, cultivating division in the workplace and the marketplace,” Gunasekara, who is also a visiting fellow in The Heritage Foundation’s Center for Energy, Climate, and Environment, said. “‘G’ standards give the appearance of diversity while restricting freedom of thought and competing viewpoints in the workforce.” (The Daily Signal is the news outlet of The Heritage Foundation.)
“Now, ESG standards are purposefully complex and convoluted in the hopes that the everyday man and woman will not catch on,” Gunasekara said.
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Jessica Anderson, executive director of Heritage Action for America, the grassroots arm of The Heritage Foundation, weighed in on Tuesday’s hearing.
“Today’s hearing is another crucial step in investigating and exposing the true cost of progressive ESG policies,” Anderson told The Daily Signal in an emailed statement. “The coercion caused by harmful ESG compliance distorts business risk assessments and upends the freedom of private market decisions.”
“Lawmakers at both the state and federal level should continue evaluating the threat of ESG and its impact on American industries,” Anderson said.
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Article cross-posted from Daily Signal.
Five Things New “Preppers” Forget When Getting Ready for Bad Times Ahead
The preparedness community is growing faster than it has in decades. Even during peak times such as Y2K, the economic downturn of 2008, and Covid, the vast majority of Americans made sure they had plenty of toilet paper but didn’t really stockpile anything else.
Things have changed. There’s a growing anxiety in this presidential election year that has prompted more Americans to get prepared for crazy events in the future. Some of it is being driven by fearmongers, but there are valid concerns with the economy, food supply, pharmaceuticals, the energy grid, and mass rioting that have pushed average Americans into “prepper” mode.
There are degrees of preparedness. One does not have to be a full-blown “doomsday prepper” living off-grid in a secure Montana bunker in order to be ahead of the curve. In many ways, preparedness isn’t about being able to perfectly handle every conceivable situation. It’s about being less dependent on government for as long as possible. Those who have proper “preps” will not be waiting for FEMA to distribute emergency supplies to the desperate masses.
Below are five things people new to preparedness (and sometimes even those with experience) often forget as they get ready. All five are common sense notions that do not rely on doomsday in order to be useful. It may be nice to own a tank during the apocalypse but there’s not much you can do with it until things get really crazy. The recommendations below can have places in the lives of average Americans whether doomsday comes or not.
Note: The information provided by this publication or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.
Secured Wealth
Whether in the bank or held in a retirement account, most Americans feel that their life’s savings is relatively secure. At least they did until the last couple of years when de-banking, geopolitical turmoil, and the threat of Central Bank Digital Currencies reared their ugly heads.
It behooves Americans to diversify their holdings. If there’s a triggering event or series of events that cripple the financial systems or devalue the U.S. Dollar, wealth can evaporate quickly. To hedge against potential turmoil, many Americans are looking in two directions: Crypto and physical precious metals.
There are huge advantages to cryptocurrencies, but there are also inherent risks because “virtual” money can become challenging to spend. Add in the push by central banks and governments to regulate or even replace cryptocurrencies with their own versions they control and the risks amplify. There’s nothing wrong with cryptocurrencies today but things can change rapidly.
As for physical precious metals, many Americans pay cash to keep plenty on hand in their safe. Rolling over or transferring retirement accounts into self-directed IRAs is also a popular option, but there are caveats. It can often take weeks or even months to get the gold and silver shipped if the owner chooses to close their account. This is why Genesis Gold Group stands out. Their relationship with the depositories allows for rapid closure and shipping, often in less than 10 days from the time the account holder makes their move. This can come in handy if things appear to be heading south.
Lots of Potable Water
One of the biggest shocks that hit new preppers is understanding how much potable water they need in order to survive. Experts claim one gallon of water per person per day is necessary. Even the most conservative estimates put it at over half-a-gallon. That means that for a family of four, they’ll need around 120 gallons of water to survive for a month if the taps turn off and the stores empty out.
Being near a fresh water source, whether it’s a river, lake, or well, is a best practice among experienced preppers. It’s necessary to have a water filter as well, even if the taps are still working. Many refuse to drink tap water even when there is no emergency. Berkey was our previous favorite but they’re under attack from regulators so the Alexapure systems are solid replacements.
For those in the city or away from fresh water sources, storage is the best option. This can be challenging because proper water storage containers take up a lot of room and are difficult to move if the need arises. For “bug in” situations, having a larger container that stores hundreds or even thousands of gallons is better than stacking 1-5 gallon containers. Unfortunately, they won’t be easily transportable and they can cost a lot to install.
Water is critical. If chaos erupts and water infrastructure is compromised, having a large backup supply can be lifesaving.
Pharmaceuticals and Medical Supplies
There are multiple threats specific to the medical supply chain. With Chinese and Indian imports accounting for over 90% of pharmaceutical ingredients in the United States, deteriorating relations could make it impossible to get the medicines and antibiotics many of us need.
Stocking up many prescription medications can be hard. Doctors generally do not like to prescribe large batches of drugs even if they are shelf-stable for extended periods of time. It is a best practice to ask your doctor if they can prescribe a larger amount. Today, some are sympathetic to concerns about pharmacies running out or becoming inaccessible. Tell them your concerns. It’s worth a shot. The worst they can do is say no.
If your doctor is unwilling to help you stock up on medicines, then Jase Medical is a good alternative. Through telehealth, they can prescribe daily meds or antibiotics that are shipped to your door. As proponents of medical freedom, they empathize with those who want to have enough medical supplies on hand in case things go wrong.
Energy Sources
The vast majority of Americans are locked into the grid. This has proven to be a massive liability when the grid goes down. Unfortunately, there are no inexpensive remedies.
Those living off-grid had to either spend a lot of money or effort (or both) to get their alternative energy sources like solar set up. For those who do not want to go so far, it’s still a best practice to have backup power sources. Diesel generators and portable solar panels are the two most popular, and while they’re not inexpensive they are not out of reach of most Americans who are concerned about being without power for extended periods of time.
Natural gas is another necessity for many, but that’s far more challenging to replace. Having alternatives for heating and cooking that can be powered if gas and electric grids go down is important. Have a backup for items that require power such as manual can openers. If you’re stuck eating canned foods for a while and all you have is an electric opener, you’ll have problems.
Don’t Forget the Protein
When most think about “prepping,” they think about their food supply. More Americans are turning to gardening and homesteading as ways to produce their own food. Others are working with local farmers and ranchers to purchase directly from the sources. This is a good idea whether doomsday comes or not, but it’s particularly important if the food supply chain is broken.
Most grocery stores have about one to two weeks worth of food, as do most American households. Grocers rely heavily on truckers to receive their ongoing shipments. In a crisis, the current process can fail. It behooves Americans for multiple reasons to localize their food purchases as much as possible.
Long-term storage is another popular option. Canned foods, MREs, and freeze dried meals are selling out quickly even as prices rise. But one component that is conspicuously absent in shelf-stable food is high-quality protein. Most survival food companies offer low quality “protein buckets” or cans of meat, but they are often barely edible.
Prepper All-Naturals offers premium cuts of steak that have been cooked sous vide and freeze dried to give them a 25-year shelf life. They offer Ribeye, NY Strip, and Tenderloin among others.
Having buckets of beans and rice is a good start, but keeping a solid supply of high-quality protein isn’t just healthier. It can help a family maintain normalcy through crises.
Prepare Without Fear
With all the challenges we face as Americans today, it can be emotionally draining. Citizens are scared and there’s nothing irrational about their concerns. Being prepared and making lifestyle changes to secure necessities can go a long way toward overcoming the fears that plague us. We should hope and pray for the best but prepare for the worst. And if the worst does come, then knowing we did what we could to be ready for it will help us face those challenges with confidence.