Wednesday, September 21 2022

The growth of the ESG industry has led to counterintuitive results, as companies have learned to play with metrics: some private prison companies, for example, score well on the criteria.

On Thursday, 14 state treasurers issued a joint statement condemning Republican efforts to crack down on investor defense, leading several states including West Virginia, Idaho, Oklahoma, Texas and Florida , to prevent state treasurers from doing business with funds that deploy ESG screens. .

“Disclosure, transparency and accountability make companies more resilient by refining the way they manage, ensuring they plan for the future appropriately. Our work, alongside that of other investors, employees and customers, has led many companies to evolve their business models and internal processes to better manage the long-term material risks that threaten their performance,” says the communicated. “The evolution of the divide suggests that there will be two types of states moving forward: states focused on short-term gains and states focused on long-term beneficial outcomes for all stakeholders. .

The House recently announced it would spend $3 million on electing Mehmet Oz — who poses as Dr. Oz — in Pennsylvania, and channeled it through the Senate Leadership Fund. The move was generally seen as an olive branch for Senate Minority Leader Mitch McConnell, R-Ky., who is tied to the super PAC. So far, they have made no similar contribution to the House Republican super PAC.

The GOP War Today on the Chamber of Commerce represents a stunning turnaround from just a few years ago, when House Republicans and the House were aligned on just about everything. And that follows the collapse of the National Rifle Association, leaving two of the GOP’s most powerful outside armies largely unarmed. But as the Republican Party and the House have polarized on opposite sides of the conservative movement, a deeper rift between the two – dating back to the movement that formed around Barry Goldwater in the 1950s and 1960s – has been reawakened. .

At the height of the New Deal era after World War II, Liberal Democrats and Republicans were united in the belief that cooperation between big business, big unions and government was the secret to America’s economic boom. era. John Kenneth Galbraith, the nation’s most famous economist and later adviser to President John F. Kennedy, dubbed it “The Affluent Society” in a 1958 book that was both a cultural and political sensation.

Against this coalition stood an aggrieved and increasingly well-organized network of small and medium-sized businesses that felt pressured by the big guys. What was good for General Motors, they said, was not necessarily good for them.

Big Labor and the New Deal coalition believed they were in an era of peace between capital and labour, but capital always knew it was engaged in a strategic ceasefire, having been crushed by the Depression and unable to compete with the rise of modern government.

But there was no real peace, and big business launched its counterattack against both workers and government in the 1970s, ushering in the neoliberal era. The House, this time allied with small and medium business, played a major role in the counterattack, with Goldwater movement heir Ronald Reagan enacting a wish list of big business policies, deregulation and cuts of taxes.

Jamie Galbraith, who followed his father into the economics profession, served as an aide to the Congressional Joint Tax Committee and remembered the House at the time as a “revolutionary ultra supply-side, ultra Reagan with essentially no compromise. … The House was just down the line for the lowest possible taxes and the most comprehensive deregulation and privatization.

But the House began to drift to the center in the early Clinton years, endorsing the administration’s health care proposal known as “Hillarycare,” for the first lady. “All of a sudden the House became something completely different from what I perceived. And I know we were very upset about that,” said former Texas Rep. Dick Armey, the No. 3 Republican in the time.

Following the approval, a Republican operative recalled, a member of the House Republican leadership requested to meet with the House Board of Trustees. Instead of delivering a standard political speech, he began by asking all staff to leave the room. “He just ripped a new asshole out of them,” the agent said. “How could you go down this anti-free enterprise, left-leaning path,” the GOP leader asked. (The agent remembered it was Armey, but Armey said it might have been Tom DeLay. I couldn’t find DeLay in time for this story.)

The dressing worked. Richard Lesher had led the organization since 1975, but after Republicans took power in 1995 following the Gingrich revolution in 1995, Lesher was let go. “When we took over, of course they came, reminding us that we were the best friends we ever had – yakety yak,” Armey said. “When you come of age, you don’t miss new friends.” The House was a reliable Republican ally for the next 20 years, until recent years.

(DeLay later launched what he dubbed the K Street Project, which was an effort to bring the entire Washington lobbying industry under Republican authority, dictating that companies either fire Democratic lobbyists or lose access to the GOP “It was a dumb idea, and you can quote me if you want. I mean, who the hell did he think he was, telling people who they can hire and who they can’t?” , Armey said. “I objected to this at a management meeting. And my objections were not well received.”)

Tensions between big and small business never fully subsided, and the same network of small businesses that aligned themselves with Goldwater, forming the more conservative wing of the GOP, organizing behind Donald Trump in 2016 and in -of the. Small and medium-sized businesses, especially manufacturers, have also long been opposed to free trade policies because they lack the ability to outsource their own production and cannot compete with cheaper products from abroad.

The conservative Republican congressman said he didn’t start out as an active opponent in the House, but he didn’t see them as a natural ally either. “Frankly, as a businessman, I couldn’t join some of the nationwide efforts because they were at odds with small businesses,” he said. “They really pushed this pro-China trade policy for a long time, which was great for General Motors, but it was bad for everyone in the supply chain. And that really guts domestic manufacturing. And it was the same with NAM” – the National Association of Manufacturers – “many of their members had had an organization that worked against their interests. And the bigger members have certainly benefited from a lot of those things. And I think that’s a big part of why Trump has been so well received by the small and medium business community.

The House is among the biggest spenders on lobbying in the country, but House Minority Leader Kevin McCarthy, R-California, and top Senate Republicans like John Cornyn of Texas routinely fire at them in public. The House’s main lobbying job, usually one of Washington’s heaviest K-street assignments, remained open for several months until it was filled by the former backbencher. Evan Jenkins, who like many West Virginia Republicans started his career. as a Democrat. He was most recently a judge in West Virginia, having left the House to pursue an unsuccessful run for the Senate in 2018.


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