On October 12, 2023, James Comer, the Republican chairman of the House Oversight and Accountability Committee, threatened Securities and Exchange Commission Chair Gary Gensler with a subpoena. Comer's letter to Gensler accused the SEC of obstructing congressional oversight by failing to produce documents related to the agency's efforts to advance a "progressive European climate and social agenda on American companies."
Specifically, Comer is concerned about the SEC's involvement in the development of the European Union's Corporate Sustainability Reporting Directive (CSRD), which will require large companies to disclose information about their environmental, social, and governance (ESG) performance. Comer argues that the SEC's efforts to align US regulations with the CSRD are being done without congressional input and could harm American businesses.
Comer's letter gave Gensler until October 19, 2023, to produce the requested documents. If Gensler fails to comply, Comer has threatened to issue a subpoena.
The SEC has not yet responded to Comer's letter. However, the SEC has previously defended its efforts to advance ESG disclosure, arguing that it is necessary to protect investors and ensure that companies are operating in a sustainable manner.
Comer's threat to subpoena Gensler is the latest escalation in the ongoing Republican-Democratic battle over ESG investing. Republicans have generally been critical of ESG investing, arguing that it is a form of "woke capitalism" that is being used to advance progressive political goals. Democrats, on the other hand, have generally supported ESG investing, arguing that it is necessary to address climate change and other social issues.
It remains to be seen whether Comer will follow through on his threat to subpoena Gensler. However, the threat itself is a sign of the increasing political polarization over ESG investing.
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