Author: James McAllister
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U.S. weekly unemployment insurance claims unchanged at 262,000
New applications for U.S. unemployment insurance benefits for the week ending June 10 were unchanged from the previous week’s revised number at 262,000. The four-week moving average as of June 10 increased 9,250 from the previous week’s revised number to 246,750. The average is the highest since November 20, 2021. The number of continuing unemployment…
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Biden administration seeks to dismiss lawsuit challenging ESG retirement plan rule
The Biden administration on June 5 moved to dismiss a lawsuit brought against it by states challenging a Department of Labor rule on the use of ESG factors in investment-related decisions for retirement funds governed by the Employee Retirement Income Security Act of 1974 (ERISA). The states filed suit earlier this year, arguing that the…
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Unemployment insurance indexing bill fails in Arizona
The Arizona House of Representatives on June 12 voted against a bill 29-31 that would have indexed the length of unemployment insurance benefits to the state’s unemployment rate. During times when the unemployment rate was at or below 5%, unemployed workers would have been able to collect a maximum of 12 weeks of benefits under…
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Proposed legislation would eliminate ESG in TSP pensions
Congressman Chip Roy (R-Texas) on May 23 reintroduced legislation calling for the elimination of the use of ESG in the Thrift Savings Plan (TSP), the pension plan for federal employees and members of the military. The private managers of the TSP are BlackRock and State Street, two of the largest passive asset managers and among…
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U.S. weekly unemployment insurance claims rise to 229,000
New applications for U.S. unemployment insurance benefits rose 4,000 for the week ending May 20 to a seasonally adjusted 229,000. The previous week’s figure was revised down by 17,000 to 225,000. The four-week moving average as of May 20 was unchanged from the previous week’s unrevised number at 231,750. The number of continuing unemployment insurance…
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States send letters and questionnaires inquiring about ESG at firms
Twenty-one state financial officers signed letters on May 15 that were sent to large asset management firms and two proxy advisory services (Glass-Lewis and Institutional Shareholder Services, who combined represent 95% of the proxy advisory business), requesting answers to questions about the use of ESG and the justification for doing so as legal fiduciaries of…
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U.S. weekly unemployment insurance claims fall to 242,000
New applications for U.S. unemployment insurance benefits fell 22,000 for the week ending May 13 to a seasonally adjusted 242,000. The previous week’s figure was unrevised at 264,000. The four-week moving average as of May 13 fell to 244,250 from an unrevised 245,250 as of the week ending May 6. The number of continuing unemployment…
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House Oversight Committee holds ESG hearing
The House Oversight Committee on May 10 held a hearing on ESG, during which Republicans and Democrats took opposite perspectives on the issue. Chairman James Comer (R-Ky.) criticized ESG in his opening statement. Among other things, Chairman Comer said that he intends to hold more oversight hearings to investigate ESG policy. On the other side…
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Louisiana House passes unemployment insurance indexing bill
The Louisiana House of Representatives on May 10 passed a bill that would index the length of unemployment insurance benefits to the state’s unemployment rate. House Bill 340 would reduce the maximum number of benefit weeks to 12 when the unemployment rate is at or below 5%. The bill also proposes capping the maximum benefit…
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Oklahoma treasurer announces 13 financial institutions can’t do business with the state over ESG policies
Oklahoma State Treasurer Todd Russ (R) on May 3 issued a list of 13 financial institutions that are ineligible to do business with the state under a 2022 law because, according to Russ’s office, they engage in energy boycotts that, in its opinion, hurt the state’s economy. The listed institutions cannot manage state pension funds…