Sen. Chuck Grassley (R-Iowa), Sens. Tom Cotton (R-Ark.), Marsha Blackburn (R-Tenn.), Mike Lee (R-Utah) and Marco Rubio (R-Fla.) sent a letter to 51 law firms detailing the possible antitrust violations the law firms’ clients may commit if they pursue Environmental, Social and Governance (ESG) initiatives.
The letter advises the law firms that they and their clients should preserve documents relevant to the clients’ ESG practices in preparation for Congress’s oversight of antitrust violations due to ESG collusion.
“The ESG movement attempts to weaponize corporations to reshape society in ways that Americans would never endorse at the ballot box. Of particular concern is the collusive effort to restrict the supply of coal, oil, and gas, which is driving up energy costs across the globe and empowering America’s adversaries abroad,” the lawmakers wrote.
November 3, 2022
Dear ________,
We are writing about your firm’s Environmental, Social, and Governance (ESG) practice. Although businesses would certainly be wise to lawyer up before undertaking ESG initiatives, your firm has a duty to fully inform clients of the risks they incur by participating in climate cartels and other ill-advised ESG schemes.
During a recent Senate Judiciary Committee hearing, FTC Commissioner Lina Khan and Assistant Attorney General of the Antitrust Division Jonathan Kanter were asked to share their thoughts about ESG collusion. Commissioner Khan emphasized that there is no ESG exemption to antitrust laws. Regarding ESG group initiatives, she added, “Certainly, those types of cooperation or agreements, in as much as they can affect competition, are always relevant to” the FTC. Assistant AG Kanter emphasized his own agreement with “the sentiment that collusion is anticompetitive, and I also agree with the underlying sentiment that when firms have substantial power and they use that power to achieve anticompetitive ends, that should be actionable under the antitrust laws.”
The ESG movement attempts to weaponize corporations to reshape society in ways that Americans would never endorse at the ballot box. Of particular concern is the collusive effort to restrict the supply of coal, oil, and gas, which is driving up energy costs across the globe and empowering America’s adversaries abroad. Over the coming months and years, Congress will increasingly use its oversight powers to scrutinize the institutionalized antitrust violations being committed in the name of ESG, and refer those violations to the FTC and the Department of Justice. To the extent that your firm continues to advise clients regarding participation in ESG initiatives, both you and those clients should take care to preserve relevant documents in anticipation of those investigations.
Sincerely,
Charles E. Grassley
United States Senator
Tom Cotton
United States Senator
Marsha Blackburn
United States Senator
Michael S. Lee
United States Senator
Marco Rubio
United States Senator
About The Crude Life
Award winning interviewer and broadcast journalist Jason Spiess and Content Correspondents engage with the industry’s best thinkers, writers, politicians, business leaders, scientists, entertainers, community leaders, cafe owners and other newsmakers in one-on-one interviews and round table discussions.
The Crude Life has been broadcasting on radio stations since 2012 and posts all updates and interviews on The Crude Life Social Media Network.
Everyday your story is being told by someone. Who is telling your story? Who are you telling your story to?
#thecrudelife promotes a culture of inclusion and respect through interviews, content creation, live events and partnerships that educate, enrich, and empower people to create a positive social environment for all, regardless of age, race, religion, sexual orientation, or physical or intellectual ability.
Sponsors, Music and Other Show Notes
Studio Sponsor: The Industrial Forest
The Industrial Forest is a network of environmentally minded and socially conscious businesses that are using industrial innovations to build a network of sustainable forests across the United States.
Weekly Sponsor: Stephen Heins, The Practical Environmentalist
Historically, Heins has been a writer on subjects ranging from broadband and the US electricity grid, to environmental, energy and regulatory topics.
Heins is also a vocal advocate of the Internet of Everything, free trade, and global issues affecting the third of our planet that still lives in abject poverty.
Heins is troubled by the Carbon Tax, Cap & Trade, Carbon Offsets and Carbon Credits, because he questions their efficacy in solving the climate problem, are too gamable by rent seekers, and are fraught with unreliable accounting.
Heins worries that climate and other environmental reporting in the US and Europe has become too politicized, ignores the essential role carbon-based energy continues to play in the lives of billions, demonizes the promise and practicality of Nuclear Energy and cheerleads for renewable energy sources that cannot solve the real world problems of scarcity and poverty.
Weekly Sponsor: Great American Mining Co
Great American Mining monetizes wasted, stranded and undervalued gas throughout the oil and gas industry by using it as a power generation source for bitcoin mining. We bring the market and our expertise to the molecule. Our solutions make producers more efficient and profitable while helping to reduce flaring and venting throughout the oil and gas value chain.
Join Podcasters from across the world and all walks of life as they unite to bring civil solutions to life and liberty.
Studio Email and Inbox Sponsor: To Be Announced
Featured Music: Alma Cook
For guest, band or show topic requests, email studio@thecrudelife.com
Spread the word. Support the industry. Share the energy.
