Hickory Sun

North Carolina State Representative Patrick McHenry said that "ESG mandates" risk Americans' financial security and emphasized that Republicans will prevent "progressive priorities" from overshadowing shareholder interests or U.S. capital markets. McHenry made his statement in an August 2 post on X.

"ESG mandates put Americans' financial security at risk and have no place in corporate boardrooms," said Rep. Patrick T. McHenry, Chairman of the U.S. House Financial Services Committee. "Republicans will ensure progressive priorities are not placed above the interests of shareholders, sound corporate governance, or the strength of U.S. capital markets."

According to the House Financial Services Committee, the Republican ESG Working Group, chaired by Bill Huizenga, issued a final report after examining the rise of Environmental, Social, and Governance (ESG) initiatives and their effects on investors. The report outlines priorities such as reforming the proxy voting system to protect retail investors, improving transparency and accountability in asset management and ESG ratings, and ensuring shareholder voting aligns with financial interests. It also recommends safeguarding U.S. markets from European Union regulations and investigating federal actions that push climate policy through the financial system.

Rep. McHenry's x post | x

"The Committee’s ESG Working Group report supports this fact as well as provides recommendations to address the failures of progressive environmental and social policy goals. I commend Subcommittee Chairman Bill Huizenga for leading the charge on this important work in his capacity as the leader of the Working Group. Our committee will continue to work to ensure that progressive priorities are not placed above the interests of shareholders, sound corporate governance, or the strength of U.S. capital markets," said McHenry.

McHenry currently represents North Carolina's 10th Congressional District, encompassing parts of nine counties in the state. Serving his tenth term, he holds the position of Chairman of the House Financial Services Committee in the 118th Congress, advocating for solutions to enhance banking services and credit accessibility. Previously, McHenry served as Republican Leader and Vice Chairman of the committee.