A U.S. House Committee that includes Oklahoma Congressman Frank Lucas as a member, plans to target banks and financial institutions that promote environmental social and governance-risk factors as part of their investment process.
The bills would be similar to Oklahoma’s new Energy Discrimination Elimination Act that took effect late last year and was created largely on the actions of BlackRock Inc. to discriminate funding against oil and gas firms.
In the past week, Rep. Lucas and other Republicans on the House Financial Services Committee indicated they plan votes on several bills by July that will target the ESG factors. Bloomberg reported committee Chairman Patrick McHenry of North Carolina picked Michigan Rep. Bill Huizenga to head a working group to investigate and rein in ESG.
A spokesman for Rep. Lucas explained the congressman was not named to the working group. But a number of subcommittee and full committee hearings are planned on the topic.
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