House Oversight Republicans launch new ESG probe

By Emma Dumain | 02/26/2024 04:14 PM EST

Chair James Comer of Kentucky is investigating whether major firms have violated federal law.

Rep. James Comer (R-Ky.).

House Oversight and Accountability James Comer (R-Ky.) speaking with reporters on Capitol Hill. Francis Chung/POLITICO

The top Republican on the House Oversight and Accountability Committee is continuing the House GOP’s larger attack on so-called environmental, social and governance investing.

Chair James Comer (R-Ky.) on Monday wrote a letter to Mark Van Der Weide, general counsel for the Federal Reserve System Board of Governors, requesting information to determine whether certain asset managers seeking to apply ESG criteria to investment decisions are in violation of federal statute.
wrote a letter

Specifically, Comer is seeking to determine whether asset managers should be subject to certain laws — the Bank Holding Company (BHC) Act, Home Owners’ Loan Act (HOLA) and Change in Bank Control (CIBC) Act — “as a result of ESG related pledges and actions being taken pursuant to those pledges.”


Asset managers have, in recent years, been entering into so-called alliances to commit to certain climate goals. Requirements tied to such alliances, Comer wrote, “appear to manifest as control of a Regulated Company.”