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‘Perverse’ GOP Rules Risk Alienating Big Finance: ESG Regulation

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As key GOP figures ban banks and investors in their states from taking environmental, social and governance risks into account, the global finance industry has mounted a surprisingly united counter-attack.

BlackRock Inc. has called the strategy “bad for the business climate,” Wall Street titans including Goldman Sachs Group Inc. have withdrawn from the Texas muni market rather than abandon ESG, and countless umbrella groups representing big finance have warned that efforts to put the ESG genie back in the bottle are futile.