The Epoch Times reporter and filmmaker discusses the latest veto by President Joe Biden.
Many people are questioning whether the ESG (environmental, social and government) industry could actually do more harm than good for those retirees and pension fund users that choose to invest in them.
This comes after President Joe Biden chose to use his veto to stop a bipartisan action from Congress which would have stopped pension fund managers from investing retirees’ money into the ESG field. Biden noted on the veto, “There is extensive evidence showing that environmental, social, and governance factors can have a material impact on markets, industries, and businesses.”
Several advocates have spoken in the past about the ESG industry being an effective risk-management tool – but with the failure of Silicon Valley Bank last month, that comes into question.
Senate Majority Leader Chuck Schumer (Dem., NY) spoke in favor of ESG, stating to the Wall Street Journal, “America’s most successful asset managers and financial institutions have used ESG factors to minimize risk and maximize their clients’ returns.” Adding to that, Bank of America CEO Brian Moynihan explained back in 2020, “Our research shows that companies that do well on ESG end up doing better, or fail less.”
So what does the future look like for the ESG industry? Joining us now is Kevin Stocklin. He recently directed The Shadow State. He previously worked on the 2008 documentary We All Fall Down: The American Mortgage Crisis, and also contributes regularly to The Epoch Times.
Q&A:
- Do you believe Biden made a fair point with his veto surrounding his thoughts on the ESG industry? Do they, in fact, have a “material impact” on industries and businesses?
- How much damage would you say was done to the ESG industry’s credibility with the collapse of Silicon Valley Bank? Could other bank failures have also played a part as well, maybe less significant as this one?
- Why are key politicians like Chuck Schumer speaking about the positives of the ESG industry, despite several warning signs saying otherwise? Would you say these Democrats may be aligned with banks?
- What other options do you think would look better for retirees and pension fund owners besides ESG? Or does that really depend on the individuals at hand?
- Tell us more about The Shadow State, and how it explains what’s happening with this industry, as well as what warning signs to watch out for.
- Where can people view The Shadow State? We understand there’s also a DVD release coming soon as well?
The Shadow State is available right now on Epoch TV. Those interested in pre-ordering the DVD for release can do so here.
About Kevin Stocklin:
Kevin Stocklin is a writer, film producer, and former investment banker. He wrote and produced We All Fall Down: The American Mortgage Crisis, a 2008 documentary on the collapse of the U.S. mortgage finance system.
CONTACT: Jerry McGlothlin at: geraldmcg@outlook.com or 919-437-0001.
