Tag: economy and society

  • European Commission to drop greenwashing rule

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    In this week’s edition of Economy and Society: Around the world European Commission to drop greenwashing rule What’s the story? The European Commission (EC) announced plans June 20 to withdraw its Green Claims Directive, a proposed regulation that would have required companies to substantiate environmental marketing claims—such as carbon neutral or eco-friendly—that lacked clear standards.…

  • SEC withdraws proposed ESG rules

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    In this week’s edition of Economy and Society: In Washington, D.C., and around the world SEC withdraws proposed ESG rules What’s the story? The Securities and Exchange Commission (SEC) withdrew two ESG-related proposed rules last week—one that would have expanded ESG disclosure requirements and another that would have revised the shareholder proposal submission process. Why…

  • Texas comptroller removes BlackRock from boycott list

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    In this week’s edition of Economy and Society: In the states Texas comptroller removes BlackRock from boycott list What’s the story? Texas Comptroller Glenn Hegar announced last week that his office removed BlackRock from the state’s list of firms barred from managing public investment funds over their treatment of fossil fuel companies. Hegar said BlackRock’s…

  • Labor Department drops defense of ESG rule

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    In this week’s edition of Economy and Society: In Washington, D.C. Labor Department drops defense of ESG rule What’s the story? The Department of Labor (DOL) filed court documents last week indicating it will stop defending a Biden-era rule allowing ESG considerations in retirement plans. The agency said it plans to propose a new rule…

  • Federal government weighs in on Texas antitrust suit against Big Three

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    In this week’s edition of Economy and Society: In Washington, D.C. Federal government weighs in on Texas antitrust suit against Big Three What’s the story? The U.S. Department of Justice and Federal Trade Commission filed a statement of interest last week in an 11-state, Texas-led lawsuit alleging BlackRock, State Street, and Vanguard colluded to suppress…

  • Democrats request environmental policies from asset managers

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    In this week’s edition of Economy and Society: In Washington, D.C. Democrats request environmental policies from asset managers What’s the story? Rep. Maxine Waters (D-Calif.) and 40 other House Democrats sent letters last week to major U.S. banks and asset managers requesting details about their current climate and ESG strategies. The lawmakers also asked whether…

  • ESG critic appointed to Labor Department

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    In this week’s edition of Economy and Society: In Washington, D.C. ESG critic appointed to Labor Department What’s the story? The Department of Labor this month appointed Justin Danhof—a critic of ESG investing and a proxy voting and corporate engagement expert—as a senior policy advisor in the Employee Benefits Security Administration. Why does it matter?…

  • House subcommittee addresses proxy advisory firms

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    In this week’s edition of Economy and Society: In Washington, D.C. House subcommittee addresses proxy advisory firms What’s the story? The House Financial Services Subcommittee on Capital Markets held a hearing last week on proxy advisory firms, which guide institutional investors on how to vote their shares.  Why does it matter? Opponents say proxy firms…

  • Fannie Mae closes ESG department

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    In this week’s edition of Economy and Society: In Washington, D.C., and around the world Fannie Mae closes ESG department What’s the story? Fannie Mae—the Federal National Mortgage Association, a government-sponsored enterprise (GSE)—shut down its ESG department, firing over 30 employees, including Laurel Davis, head of the company’s mission and impact program. Why does it…

  • SEC approves new stock exchange with environmental standards

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    In this week’s edition of Economy and Society: In Washington, D.C., and around the world SEC approves new stock exchange with environmental standards What’s the story? The Securities and Exchange Commission (SEC) approved the nation’s first environmentally focused stock exchange, the Global Impact Exchange (GIX), on Apr. 11. The exchange is expected to begin trading…