At the same time that awareness is growing regarding the financial dangers of social credit systems and Environmental, Social, Governance (ESG) investment rating practices for the middle and working classes, Arizona’s Attorney General’s office has dropped the investigation into American banks using them.
According to Attorney General Kris Mayes, it is not the place of government to tell corporations and investors what they can invest in.
While opposition to social credits is increasingly bi-partisan, Mayes accused her predecessor, Mark Brnovich, of “launching politicized investigations into the environmental sustainability efforts of major financial institutions.”
Mayes said instead, “Arizonans can expect my office to be laser-focused on issues like protecting Arizona’s natural resources – including water, combatting fraud and scams, and safeguarding vulnerable groups like seniors and children.”
“Corporations should be permitted to access capital markets in ways that they feel are necessary for the advancement of their investor objectives and for society, as long as they are doing so in a lawful manner,” Mayes said. “Corporations increasingly realize that investing in sustainability is both good for our country, our environment, and public health and good for their bottom lines. The state of Arizona is not going to stand in the way of corporations’ efforts to move in the right direction.”
Contrary to Mayes claims, experts say the constraints of ESG are applied in a bullying fashion in which companies are coerced into adopting them.
According to Vivek Ramaswamy, co-founder of Strive Asset Management, “ESG refers to the use of dollars-including your dollars-to advance environmental or social goals, in addition to what they’ll call governance goals, that are not implemented through public policymaking, through elections, or through democracy.”
Ramsey says ESG is “implemented through the economy instead, largely by buying shares in companies and then forcing those companies to behave in a certain way. That’s what it is.”
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