Staff Reports
A federal judge in Texas appointed by Trump did not help people who wanted to stop the Biden administration's ESG rules, which was a disappointment for conservatives. Even though Judge Matthew Kacsmaryk is a conservative, he made a decision that the 26 states' efforts to stop the rules were unsuccessful.
https://x.com/MATTHILGER1/status/1705300364738609192?s=20
Judge Kacsmaryk said in his decision that the rule did not break the Administrative Procedure Act. Though he agreed with the plaintiffs' concerns about the rise of ESG investing, he made it clear that his ruling did not support these types of investing. As a conservative, I find it disappointing that a judge Trump chose does not fully agree with conservative views on this matter.
https://x.com/TheTexanNews/status/1705356049245491203?s=20
https://x.com/nateraymond/status/1704999012057690355?s=20
Texas, along with 24 other states, sued the U.S. Department of Labor (DOL) over the "2022 Investment Duties Rule," which overturned a decision made by the Trump administration. This is where the legal fight began. The first rule said that asset managers couldn't use ESG factors when choosing investments, but the Biden government changed this.
It's not a surprise that this decision will probably be challenged to a federal court in New Orleans. Another important thing to know is that the case also includes a unit of the oil drilling company Liberty Energy Inc. and an oil and gas trade group. Even in Congress, Republicans tried to get rid of the rule by passing a resolution, but President Biden blocked it.
Conservatives have always had a problem with ESG investing because it lets people think about things like the environment, social justice, and diversity when making investment choices. When Trump was president, he lifted limits on ESG, and conservatives hoped that Judge Kaczmarek would back their side in this case. That did not happen, unfortunately.
It was decided in favor of the Biden administration, even though leaders from 26 states spoke out against it. It is likely that the expected appeal will keep people interested in this problem, especially as we look ahead to the 2024 presidential election. ESG investing is becoming more and more clear that it will stay a controversial subject, and conservatives must remain vigilant in protecting their beliefs.
