Already, Republicans blocked a Labor Department nominee in protest over the agency’s push to prioritize ESG in retirement investing.
Masters is former chief operating officer of venture capitalist Peter Thiel’s investment empire. Thiel, who funds Master’s super PAC, is one of the most vocal Republican critics of ESG. Earlier this year, he called ESG “the real enemy” of the development of cryptocurrencies—which tend to receive low ESG ratings because of their use of electricity in production.
Soon after, Masters promised on Fox News that he would “ban ESG scores” and “wokeness in the Fortune 500.” He and his wife owned $1.5 million in cryto, according to his latest campaign finance report.
Several lawmakers, including Rep. Troy Nehl’s of Texas, have introduced bills that would bar requirements that publicly traded companies disclose their greenhouse gas emissions.
Master’s told the City of Maricopa Republican Club that he’s already had discussions with Sen. Tom Cotton (R-Ark.) about ways to derail ESG ratings and requirements, Bloomberg reported.
For its part, the SEC has warned investors in February to be careful about investing in ESG funds and ETFs. Examiners also said earlier this year that they’d seen conflicts of interest at credit rating agencies that provide ESG scores.