From ... in Environmental — Feb 23, 2023

Dem Joe Manchin: Pushing ESG Policies Could Be a Geopolitical Risk

Senate Energy and Natural Resources Committee Chairman Joe Manchin (D-WV) suggested corporations and financial firms embracing environmental, social, and governance (ESG) investing are not considering the geopolitical risks. Manchin, who is up for reelection in a state rallying against ESG policies, is starting to speak out more against the ESG movement. In a recent interview with the Washington Times, where he claimed to “not [be] criticizing ESG” and the obligation to address climate change, he said: Colleges, universities, you have different investment firms — they’re looking only at ESG and not geopolitical risks.

They’re not being reasonable [or] practical. If you hang your hat on one thing, without the geopolitical risks — just ask Europe what they’ve gone through. This also comes on the heels of the West Virginia Democrat joining a Republican-led disapproval resolution — with all 49 GOP senators — to eliminate President Joe Biden’s ESG investing rule. Biden’s Department of Labor has essentially politicized 401(k)s by unveiling a proposal last year to allow retirement plan managers to consider ESG factors in investment decisions — ultimately reversing a Trump-era rule. Earlier this month, when Manchin joined the Republicans on the resolution, he told Fox News: At a time when our country is already facing economic uncertainty, record inflation and increasing energy costs, it is irresponsible of the Biden Administration to jeopardize retirement savings for more than 150 million Americans for purely political purposes. Resolution of disapproval cannot be prevented from being considered on the floor. Sen. Joe Manchin (D-WV), Chairman of the Senate Energy and Natural Resources Committee, presides over a hearing on February 16, 2023 in Washington, DC.

The Committee met to investigate the impact of Russian’s war in Ukraine on global energy security. (Kevin Dietsch/Getty Images) It only needs to pass by a simple majority when it is voted on. So, if Manchin joins the Republicans, only one more vote is needed.

The Times noted that other potential Democrat defects to vote on the resolution could be Sen. Jon Tester (D-MT) or independent Sens. Angus King (ME) and Kyrsten Sinema (AZ) — all of whom are up for reelection. If it passes the House- which it is expected to do since it is Republican-controlled- and the Senate- the resolution would overrule the administration and kill the regulation allowing financial managers to use ESG to invest clients’ retirement money. Jacob Bliss is a reporter for Breitbart News. Write to him at jbliss@breitbart.com or follow him on Twitter @JacobMBliss.

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Dem Joe Manchin: Pushing ESG Policies Could Be a Geopolitical Risk

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