Are Democrats and far-left activists doing an end-run around Congress to get their aggressive climate change agenda enforced? It seems that these progressive players are now focusing on the financial sector and legal system, and not Congress to get their position in place.
Financial institutions and government agencies have been employing what some are calling environmental, social and governance (ESG) initiatives to get their policies implemented. Some are indicating that this ESG movement is sweeping across America’s corporate world and companies are on their own promising to become more sustainable and improve internal diversity.
Here is a recent example of ESG working, the Securities and Exchange Commission (SEC), with their Democratic majority, proposed a new set of rules that would require publicly traded companies to disclose the carbon emissions.
Senate Banking Committee ranking member, Pat Toomey, lashed out at this new policy and said that it “hijacks” the democratic process and “disrespects” the authority that Congress has given to the SEC.
David Kreutzer, the senior economist at the Institute for Energy Research, said that people are just frustrated by the unwillingness of Congress to address climate change. He said that now many are looking for non-legislative ways to deal with this growing problem. And he said that one of those ways was “under the guise of environmental, social and governance investments.”
Major firms like BlackRock, Vanguard, and State Street have pushed ESG initiatives and joined forces with an environmental-focused hedge fund called Engine No. 1. Together, they have elected three activists to the ExxonMobil board, according to The New York Times.
Andy Puzder, the former CEO of CKE Restaurants and a visiting fellow at the Heritage Foundation said,
“This is just an attempt by the left to use the business community, the finance sector, companies — like BlackRock, State Street and Vanguard — to accomplish with other people’s money, what they can’t accomplish at the ballot box.”
While Democratic activists have been taking this route toward higher levels of green energy that sidesteps the spotlight of Congress, the husband of House Speaker Nancy Pelosi (D-CA) has been buying up shares of Tesla stock. According to recent congressional filings, Paul Pelosi just purchased 2,500 shares of the green automobile company.
Pelosi bought each share for $500 which means he doled out $2.18 million at the time of purchase. And get this, by the end of every day he purchased the stocks, the price rose from $500 to $872, and since then they have hit $1,036 at one point!
Paul Pelosi leads a venture capital firm in San Francisco. He has purchased millions of dollars of stocks after his wife defended the right of congressmen to trade stocks.
Business Insider released a report that indicated that 57 members of Congress along with 182 staffers filed stoke trades late in 2020 and 2021.
Democrats are making things happen through the back door using ESG in companies and through the front door with green energy spending. Just recently, 23 Democrats challenged President Biden to pledge $555 billion towards climate action within the Build Back Better plan.
The White House wrote a memo that said that this plan is “the largest single investment in our clean energy economy in history, across buildings, transportation, industry, electricity, agriculture, and climate-smart practices across lands and waters.”
A total of 89 Democrats wrote a letter to the president urging him to prioritize climate change. They wrote that there was still more to achieve in getting done the president’s vision for the next generation. And 97 Democratic lawmakers within the Congressional Progressive Caucus said recently that we are in a “climate emergency.”
And while these moves are being made through the back door and the front door, the Pelosi’s are moving on up to even greater wealth.