Author: James McAllister
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Federal court rules in favor of Biden ESG retirement rule
Judge Matthew J. Kacsmaryk of the United States District Court for the Northern District of Texas issued a ruling on Sept. 21 refusing to block the Biden Labor Department’s investment rule allowing ESG considerations in retirement plans governed by the Employee Retirement Income Security Act of 1974 (ERISA). Texas and Utah are leading 24 other…
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U.S. weekly unemployment insurance claims fall to 201,000
New applications for U.S. unemployment insurance benefits fell 20,000 for the week ending September 16 to a seasonally adjusted 201,000. The previous week’s figure was revised up by 1,000 to 221,000. The four-week moving average as of September 16 fell 7,750 from the previous week’s revised average to 217,000. The number of continuing unemployment insurance…
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House GOP passes four more bills opposing ESG out of committee
House Republicans on September 14 passed four new bills opposing ESG out of the Education and Workforce Committee, bringing the total number of ESG bills passed out of committee this year to seven. The move followed the lead of the House Financial Services Committee, which advanced its own slate of bills opposing ESG in August.…
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California legislators pass bill to allow unemployment benefits for striking workers
The California State Legislature passed a bill Sept. 14 that would allow workers to claim unemployment insurance benefits after striking for two weeks. The bill now heads to Gov. Gavin Newsom’s (D) desk for his approval or veto. If Newsom signs the bill, it would take effect starting in January 2024. California lawmakers previously advanced…
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Oklahoma pension board votes to retain financial advisors, including BlackRock
An Oklahoma law passed in 2022 required the state treasurer to maintain a list of businesses ineligible to do business with the state due to ESG investing policies. But the Oklahoma Public Employees Retirement System’s board voted on Aug. 23 to retain its current roster of financial advisers, including businesses that were on the treasurer’s…
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U.S. weekly unemployment insurance claims fall to 216,000
New applications for U.S. unemployment insurance benefits fell 13,000 for the week ending September 2 to a seasonally adjusted 216,000. The previous week’s figure was revised up by 1,000 to 229,000. The four-week moving average as of September 2 fell 8,500 from the previous week’s revised average to 229,250. The number of continuing unemployment insurance…
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Vanguard joins BlackRock in reducing support for ESG shareholder proposals
Fox Business reported on August 29 that Vanguard—the second largest asset manager in the world and the largest manager of passive funds—reduced its support for pro-ESG proxy proposals during the past shareholder season. The report followed news that BlackRock, the world’s largest asset manager (measured by assets under management) also supported fewer ESG proposals. Ballotpedia…
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California legislators introduce bill proposing unemployment benefits for striking workers
The California State Assembly advanced a bill in late August that proposed allowing striking workers to claim unemployment insurance benefits after striking for two weeks. The deadline for introducing new legislation had passed, so legislators rewrote Senate Bill 799, which previously related to corrections and criminal rehabilitation, to propose expanding the state’s unemployment insurance availability.…
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Consumer group launches campaign opposing Duke Energy’s ESG policies
The consumer watchdog organization Consumers Research launched a campaign August 24, opposing the ESG policies in use by North Carolina’s Duke Energy. Ballotpedia tracks support for and opposition to the environmental, social, and corporate governance (ESG) investing movement. To learn more about arguments for, against, and about ESG, click here. For more information on reform…
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House Judiciary Committee requests ESG documents from California pension system
House Judiciary Committee Chairman Jim Jordan (R-Ohio) requested documents late last year from the California Public Employees’ Retirement System (CalPERS), the largest public pension system in the country, and Ceres, a nonprofit group that advises CalPERS on environmental matters. The committee is seeking information about CalPERS’ ESG efforts and the effect they have had on…