Banks and asset managers will face scrutiny from Congress on their “ESG agenda”, according to a senior Republican lawmaker, pointing to tensions ahead between the new House majority and America’s financial sector.The comments by Andy Barr, the chair of the House financial services subcommittee responsible for financial institutions and monetary policy, fire a new salvo at Wall Street banks and asset managers for their social and climate goals.
“We think that banks should be non-political. Banks should not be a political party,” the Kentucky lawmaker said in an interview at his office on Capitol Hill. “Banks should serve creditworthy borrowers and focus on earnings and profitability for their shareholders.”
Republicans from potential presidential candidates such as Florida governor Ron DeSantis to state officials have in recent months stepped up attacks on Wall Street and corporate America for allegedly being too “woke”.