The Republican-led House Oversight Committee is launching an investigation into how large investors' liberal policies are impacting Americans.
House Oversight Chair Rep. James Comer, R-Ky., sent a letter this week to Board of Governors of the Federal Reserve System General Counsel Mark Van Der Weide raising the question: Does this bias and collusion among investors violate federal law?
"Is working in concert to achieve the goals of these agreements inseverable across entities, warrant an aggregation test counting the ownership across signatories whereby a party would meet the ownership threshold by virtue of entering into the agreement, thus exposing all signatories to potentially being subject to the Federal banking laws?" the letter said.
Those policies, known as "Environmental, Social and Governance" or ESG, include commitments by asset managers to only invest in companies that meet a certain liberal ideology litmus test. Those asset managers often oversee billions of dollars that go into the U.S. economy.
