GOP targets powerhouse Wall Street firms over investments meant to fight climate change

Republicans are fighting against a social movement in the financial sector meant to address systemic issues like climate change.

Governmental initiatives in Florida, West Virginia and Texas are targeting powerhouse Wall Street firms that they say are engaging in environmental, social and governance (ESG) investing, which they view to be harmful to their states’ economies.

Letters dated Aug. 10 were sent out this month by the Texas Senate Committee on State Affairs to Wall Street firms Blackrock, Vanguard, Institutional Shareholder Services and State Street, asking for details about the companies’ ESG practices and how they could affect the state’s public pensions, including retirement funds for teachers and state employees.