Republicans are asking the FTC to explain how ESG priorities are play a role in the merger review process, and worry they create a partisan agenda that could hurt consumers.
The founder of the crypto exchange FTX manipulated ESG to convince investors that everything was above board before filing for bankruptcy, investor says.– House Republicans are asking the Federal Trade Commission to explain a new policy that they worry might be giving weight to priorities as it reviews corporate mergers, which the lawmakers fear could harm consumers and is "leaving room for the government to use them as a guise to implement partisan social priorities.
"This shift towards a vague and potentially political enforcement policy raises concerns that the FTC will add ESG issues to merger inquiries, especially since the FTC has asked about these issues in the past," the lawmakers wrote. "It also raises the question whether the FTC will faithfully enforce the antitrust laws when companies illegally collude to push ESG-related initiatives.
On Tuesday, Rep. Scott Fitzgerald, R-Wis., wrote to FTC Chairwoman Lina Khan, questioning the agency's ESG policies. Since the 1980's, the FTC used a "consumer welfare standard" in reviewing mergers that make consumer benefit a significant factor in merger approval decisions. Lawmakers wrote that adding ESG factors might allow the FTC to drift from that mission.
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