Congressional Republicans have launched a new battle against capitalism. Their latest expression of disdain for the free market was a resolution blocking the consideration of climate, governance and other risks in retirement plan investing. In response, President Biden’s first veto was necessary to defend sensible and long-standing investment principles that congressional Republicans now deride as “woke capitalism.”
Let’s be clear what they mean: capitalism is “woke” when it’s not going the way of the fossil fuel industry and its well-funded enablers in Congress. Look behind the fossil fuel curtain and you’ll see why congressional Republicans want to block fiduciaries’ ability to recognize risks. One hint is that the objection is often to the risk from fossil fuel emissions.
Read more on The Hill.
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