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ESG backlash

Securities and Exchange Commission headquarters
Mark Uyeda raised ‘significant concerns’ about ESG rating standards in speech on lack of definition in sustainable finance.
Research modelled cost implications for bonds issued by the six states if they enacted similar legislation to Texas, which resulted in the boycotting of major financiers.
Treasurers, Attorneys General, and investor initiatives are ramping up their efforts to pushback against anti-ESG policymakers and associations in the US.
Responsible Investor asked State Financial Officers Foundation Treasurers about their relationship to ESG.
More legal pushback on anti-ESG legislation and investigations expected.
Representatives of Federated Hermes, JPMorgan and Wells Fargo were among the listed attendees for a State Financial Officers Foundation (SFOF) conference this week. 
Clearbridge’s Derek Deutsch says US situation is ‘troubling’ and hits out at political point scoring.
Fidelity Investments and Wells Fargo declined to comment on whether they planned on following suit and/or reviewing their sponsorship.
Officials from New York City, California, Rhode Island, Washington and Oregon are among the signatories.
Documents show that provider's ESG ratings and data were used to identify first tranche of financial firms to target under new legislation.

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