SEC tries to thwart capitalism for energy companies

 Washington Examiner:

The Securities and Exchange Commission is facing blowback from the financial industry as it tries to follow through on an ambitious agenda of liberal goals.

Under SEC Chairman Gary Gensler, the Wall Street watchdog has proposed a series of rule changes with the aim of increasing ESG, which stands for environmental, social, and governance principles. In addition to pushing for more ESG, the SEC proposals are hoping to prevent “greenwashing” by major companies.

Greenwashing is when firms obfuscate the truth about what is in their investment vehicles in order to reap the benefits of the ESG label without following through (ESG-focused funds tend to have much higher fees than traditional index funds).

But the effort to cut down on greenwashing and improve ESG disclosure is meeting resistance due to perceptions that the agenda will cost a lot of time and money and could hurt investors.

One proposal would increase disclosure requirements for ESG investment funds, and another would broaden SEC rules governing names that suggest funds are ESG-oriented. The proposals aim to prevent money managers from "greenwashing" investors who prioritize ESG.

...

ESG is a misguided attempt to restrict investment in energy production from fossil fuels.  It appears consistent with the idiotic belief that we need to stop the production of oil and gas to "ave the p[anet."  In fact, the opposite is true.  You are not going to save the talent with wind and solar energy.  They are at best expensive supplements to fossil fuel energy.  They are also unreliable and especially so in extreme weather. 

See, also:

Wall Street Masters of the Universe suddenly realize Democrats are Democrats

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