If the red wave succeeds or if Republicans win a majority, additional action may be taken on ESG. The letter also states that law firms and clients must save documents related to EGS participation in order to avoid any oversight by Congress.
Lina Khan (FTC Commissioner) cites a Senate Judiciary Committee hearing in which the topic of ESG collusion was raised. ESG cooperation and agreements that can affect competition are important to FTC. Jonathan Kanter (Assistant Attorney General for Antitrust Division) shared a similar opinion. He said in part that he agree with the sentiment that collusion is anti-competitive. If ESG cooperation or agreements are likely to impact competition, however, the FTC may take legal action under antitrust laws.
The last paragraph of the letter begins with the following: “The ESG Movement attempts to taint corporations in order to remake societies in ways that Americans wouldn’t endorse at the polls.” Senators are concerned that collusion may have been made to increase oil, gas, and coal prices and “empower” America’s enemies. They informed law firms that Congress will be closely inspecting antitrust violations related to ESG over the coming months and years. Cases will be referred to the FTC and the DOJ.
These are courageous words, I’m certain. My experience with Mike Lee has taught me that he would seriously consider the issue if it weren’t put on hold after the election.
The entire letter can be viewed here.