Manufacturers Seek ESG Changes

The National Association of Manufacturers, a major industry group representing thousands of companies, has urged Republican lawmakers in the House to make reforms regarding environmental, social, and governance investing, known as ESG. In a letter to the House Financial Services Committee, NAM criticized recent regulatory changes by the Securities and Exchange Commission and called for the restriction of proxy voting and the disclosure of shareholder proposals. NAM, which represents prominent companies like Johnson & Johnson, Exxon Mobil, and Pfizer, contends that recent regulation changes harm manufacturers, risking their financing for growth. ESG investing has become a contentious issue, with Republicans claiming it is a tool for liberal influence while progressive Democrats argue it promotes risk awareness. The House Financial Services Committee plans to conduct hearings to explore ESG investing's impact on investors.