Reyes is asking the Federal Energy Regulatory Commission to hold a hearing on whether Vanguard Group should be allowed to purchase large shares of publicly traded utilities due to its support of environmental, social and governance - or ESG - investing.
Attorney General Sean Reyes, along with a dozen other Republican AGs, says federal regulators should evaluate Vanguard from buying public utility stocks.
Reyes is asking the Federal Energy Regulatory Commission to hold a hearing on whether Vanguard Group should be allowed to purchase large shares of publicly traded utilities due to its support of environmental, social and governance — or ESG — investing. “Vanguard’s own public commitments and other statements have at the very least created the appearance that Vanguard has breached its promises to the commission by engaging in environmental activism,” they wrote.
“Vanguard is speaking out of both sides of its mouth — telling FERC it is just a passive investor in utilities but at the same time committing to use its trillions to pressure companies away from fossil fuels. FERC should ensure that Vanguard’s activism will not lead to electricity price hikes and grid instability,” Reyes said in a news release.
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