Six U.S. Banks Served With Investigative Demands Over Their ESG Policies 

Six U.S. Banks Served With Investigative Demands Over Their ESG Policies 

By Terri Jo Neff |

Six U.S.-based global banking firms which participate in Environmental, Social, and Governance (ESG)  practices that seek to restrict investment in companies engaged in fossil fuel-related activities are under investigation by 19 states, it was announced this week.

Arizona Attorney General Mark Brnovich and 18 other state attorneys general served civil investigative demands against Bank of America, Citigroup, Goldman Sachs, JP Morgan Chase, Morgan Stanley, and Wells Fargo related to each company’s involvement with the United Nations’ Net-Zero Banking Alliance (NZBA). The demands act as legally enforceable subpoenas.

NZBA-member banks have promised to set emissions reduction targets in their lending and investment portfolios to reach net zero by 2050. It is one example of ESG practices which have come under scrutiny for prioritizing policy initiatives ahead of sound investment strategies.

In the case of the NZBA initiative, it could lead to some farmers, oil leasing companies, suppliers, and other businesses connected with fossil-fuel production being unable to get loans or find investors from the six banking firms and their affiliates, according to Brnovich’s office.  

“American banks should never put political agendas ahead of the secure retirement of their clients,” Brnovich said in announcing Arizona’s involvement in the investigation. “These financial institutions are entrusted with protecting a different type of green.”

Arizona, Kentucky, Missouri, and Texas are the leadership states on the NZBA investigation. Some of the 10 interrogatories included in the civil investigative demands served on the six banking firms seek information on:

  • All divisions, groups, offices, or business segments whose responsibilities relate or used to relate to membership in the Net-Zero Banking Alliance or to ESG Integration Practices, and identify all executives, directors, officers, managers, supervisors, or other leaders of each division, group, office, or business segment;
  • Each Global Climate Initiative with which the firm is affiliated and an explanation of the reasons for choosing to join such Global Climate Initiatives;
  • Who made the decision to join each Initiative, including any involvement or input from the Board of Directors, investors, or Covered Companies; 
  • All involvement in each Global Climate Initiative, including dates as well as “any promises, pledges, or other commitments” made by each company;
  • A detailed description of the company’s involvement with the Net-Zero Banking Alliance, including identities of all individuals who have represented the company within the NZBA.

In August, Brnovich joined Arizona in a 21-state coalition in commenting on a U.S. Securities and Exchange Commission (SEC) proposed rule that would add requirements for investment funds which consider ESG factors in their investment decisions. The proposed SEC rule was seen by the states as an attempt to transform the agency from a “federal regulator of securities into a regulator of social ills.”

The same month, Arizona was one of 19 states which sent a letter that put investment firm BlackRock on notice that its actions on a variety of governance objectives may violate multiple state laws by using “the hard-earned money of our states’ citizens to circumvent the best possible return on investment.”

BlackRock, which oversees some pension funds in those states, has been engaging in a “quixotic climate agenda” that appeared to be sacrificing pensioners’ retirements instead of focusing solely on financial return.

“Fiduciary duty is not lip service. BlackRock has an obligation to act in the sole financial interest of its clients,” the Aug. 4 letter stated. “Given our responsibilities to the citizens of our states, we must seek clarification on BlackRock’s actions that appear to have been motivated by interests other than maximizing financial return.”

And in November 2021, Brnovich announced a review of Climate Action 100+ and its investment company members which manage trillions of dollars in assets. This was prompted by concerns that the firms will put their ESG goals ahead of well-established fiduciary duties.

This could include inappropriate pressure and anticompetitive conduct against the members’ own clients and customers who do not comply with the ESG practices of Climate Action 100+, according to the attorney general’s office.

Arizona WWII Veteran Awarded Congressional Gold Medal

Arizona WWII Veteran Awarded Congressional Gold Medal

By Corinne Murdock |

Thomas Freeland, an Arizona World War II veteran, finally received the honors due to him decades ago.

Freeland, a Merchant Marine veteran, received the Congressional Gold Medal late last month. It’s one of the highest honors an individual may receive, accounting for the Presidential Medal of Freedom.

Rep. Andy Biggs’ veteran services director, Lee Huff, told AZ Free News that Freeland’s entire family was present to witness him receive the medal. Huff and Department of Disabled American Veterans Commander Carl Fortner presented Freeland with the medal. 

“When it was presented to him, he just teared up and could not speak,” said Huff. “He had his entire family at the event. Huge family, beautiful family.”

The delay came, in part, due to the fact that World War II-era merchant mariners were denied veteran status until 1988.

Although President Franklin D. Roosevelt recognized the bravery and sacrifice of those merchant mariners for undertaking the most “difficult and dangerous transportation job ever undertaken,” they were denied military benefits and other accolades.

While serving as general, President Dwight Eisenhower also commended the work of the merchant mariners.

“[E]very man in this Allied command is quick to express his admiration for the loyalty, courage, and fortitude of the officers and men of the Merchant Marine,” stated Eisenhower. “We count upon their efficiency and their utter devotion to duty as we do our own; they have never failed us.”

It wasn’t until 2020 that Congress passed the Merchant Mariners of World War II Congressional Gold Medal Act, empowering leadership to award those veterans for their service. Over 9,500 merchant mariners lost their lives in that war.

“The feats and accomplishments of the Merchant Marine are deserving of broader public recognition. The United States will be forever grateful and indebted to these merchant mariners for their effective, reliable, and courageous transport of goods and resources in enemy territory throughout theaters of every variety in World War II. The goods and resources transported by the Merchant Marine saved thousands of lives and enabled the Allied Powers to claim victory in World War II. The Congressional Gold Medal would be an appropriate way to shed further light on the service of the merchant mariners in World War II and the instrumental role they played in winning that war. Many students of the Merchant Marine Academy lost their lives as they sailed through enemy-controlled waters or unloaded cargo in overseas combat areas, and, as a result, the United States Merchant Marine Academy is the only institution among the five Federal academies to be authorized to carry a battle standard as part of its color guard.”

Freeland joins two other Arizona veterans who received the Congressional Gold Medal recently. In May, two women from the 6888th Central Post Directory Battalion, or “Six-Triple-Eight” battalion, were awarded the honor for clearing years of backlogged mail, ensuring that loved ones’ letters made it to those serving overseas during World War II. 

Corinne Murdock is a reporter for AZ Free News. Follow her latest on Twitter, or email tips to corinne@azfreenews.com.

Katie Hobbs Campaign Has AR-15 For Protection; She Desires to Ban Assault Weapons

Katie Hobbs Campaign Has AR-15 For Protection; She Desires to Ban Assault Weapons

By Corinne Murdock |

Undercover video revealed that Democratic gubernatorial candidate Katie Hobbs’ campaign travels with an AR-15 firearm in the car for protection, contradicting Hobbs’ long-held desire to ban assault weapons.

Hobbs’ head consultant, Joseph Wolf, told an undercover Project Veritas reporter that they traveled with an AR-15 because it was “easier to fire than a handgun.” In a separate clip, Wolf stated that Hobbs would do everything in her power to issue an assault weapons ban. 

“There’s nothing she could do about it, at least immediately, right? Except advocating for it publicly, which is really more impactful once you’re governor,” said Wolf. “This state is unfortunately crazy in love with their guns.”

Other undercover videos obtained by Project Veritas showed that grassroots activists assisting with Hobbs’ campaign were troubled by her, especially her refusal to debate Republican opponent Kari Lake.  Field organizer Jasper Adams with Mission For Arizona, which is a group funded by the Arizona Democratic Party, disclosed that they had “a lot of concerns” about Hobbs’ campaign. 

Adams disclosed further that his group wasn’t privy to the reason behind Hobbs’ refusal to debate Lake. He explained that even Hobbs’ communications director, who he described as freshly hired and not prepared, didn’t know why Hobbs wouldn’t debate Lake. The closest thing to an answer Adams received: the Hobbs campaign wouldn’t need a debate because they wouldn’t lose Democratic voters, and only Democratic voters care about a debate. 

“They basically said only Democrats care about debates and it’s not going to change anything,” said Adams. “Either it wouldn’t persuade people one way or the other or it wouldn’t help her.”

Hobbs has long supported a ban on assault weapons, which gun control advocates usually mean to include AR-15s.

While minority leader for the state senate in 2018, Hobbs lamented to Arizona PBS that the state legislature wasn’t going to ban assault weapons. 

“Unfortunately, it’s been business as usual,” said Hobbs. “There seems to be no push to do anything different than we have, and that’s to ignore bills we have put forward that would bring about common sense solutions to end gun violence.”

Hobbs supports “common-sense gun reform” proposed by groups like Everytown. Their suggested policies include the prohibition of assault weapons, which they classified as high-powered semiautomatic firearms, or AR-15s. (Note: the “AR” in “AR-15” doesn’t stand for “assault rifle,” it stands for “ArmaLite Rifle” after the company that developed it originally in the 1950s). 

Those opposed to gun control advocates disagree with the characterization of AR-15 as an assault weapon. The National Shooting Sports Foundation, a firearms industry trade association, argues that assault rifles are fully automatic, like machine guns. 

In 1994, Congress included AR-15s in the “Public Safety and Recreational Firearms Use Protection Act,” or the “Federal Assault Weapons Ban.” The ban on AR-15s lasted until 2004. A vast majority of the studies on the effects of the ban concluded that its effects were negligible on gun crime. 

President Joe Biden claimed last March that the decade-long Federal Assault Weapons Ban resulted in a reduction in mass killings. However, even FactCheck disputed his claim. 

Hobbs has also historically opposed concealed carry. In June, Hobbs decried the Supreme Court (SCOTUS) decision to strike down New York’s restriction on concealed carry. 

Corinne Murdock is a reporter for AZ Free News. Follow her latest on Twitter, or email tips to corinne@azfreenews.com.

Former Vice President Mike Pence Visits Phoenix to Celebrate Universal School Choice

Former Vice President Mike Pence Visits Phoenix to Celebrate Universal School Choice

By Corinne Murdock |

On Tuesday, former Vice President Mike Pence came to Phoenix to celebrate Arizona’s universal school choice.

Pence attended a forum hosted by the Club for Growth, a conservative nonprofit based out of Washington, D.C. The forum was the third in their “National Campaign for School Freedom” series. Pence praised Ducey for making universal school choice possible. He predicted that universal school choice would be the standard for all states.

“I don’t think you can overstate or over-commend the leadership of Governor Doug Ducey in creating universal school choice in America for the first time,” said Pence. 

Ducey also spoke at the event, explaining that the experiences of parents and students throughout the pandemic accelerated the growth in support for school choice. Ducey stated that it took 8 years to achieve universal school choice. He thanked activists who pushed for school choice expansion, including the Black Mothers Forum and Love Your School founder Jenny Clark. 

Ducey compared the refusal of school choice opponents’ refusal to empower families with educational freedom to the refusal of the anti-segregationists in the 1950s.

“50 years ago, politicians stood in the schoolhouse door, and wouldn’t let minorities in. Today, union-backed politicians stand in the schoolhouse door and won’t let minorities out,” said Ducey. “These children are trapped in failing schools.”

That explanation by Ducey was backed by data presented by Chris Wilson, CEO of an Oklahoma-based market research agency called WPA Intelligence. Wilson explained that a poll of over 4,000 voters from last July to last August determined that COVID-19 shutdowns changed attitudes on public schools and teachers’ unions. 

Wilson explained further that voters had a negative perspective of the phrase “school choice” on its own, but adopted a positive view once a definition of the phrase was provided. He explained that those activists and unions opposed to school choice successfully branded the word “choice” as a negative. Wilson suggested that politicians adjust their presentation and terminology concerning school choice, though cautioned that there was no single “silver bullet” for phrasing.

Wilson pointed out that terms like “school freedom,” “school choice scholarships,” and “education freedom” had positive feedback, whereas “parental choice” and “school choice” had negative feedback. 

Wilson added that advancing school choice requires identifying the right opponents and avoiding rhetoric around the wrong ones. 

READ THE FULL SCHOOL CHOICE POLLING REPORT

Republican Senate candidate Blake Masters also came to the event. Masters discussed how he and his wife chose homeschooling for their children. Masters derided modern education for prioritizing equity-based curricula like the 1619 Project and Critical Race Theory (CRT). 

“That feeling of being in charge of your child’s education, that is a feeling that I wish for every parent in this state and every parent in this country,” stated Masters. “When parents are left free to choose — surprise, surprise — parents will choose reading, and writing, and arithmetic, and history. Guess what they won’t choose? Critical race theory, are you kidding me?”

The forum also featured several testimonies from young adults and their families who benefited from school choice.

Saturday is the deadline to apply for universal school choice through the Empowerment Scholarship Account (ESA) Program.

Corinne Murdock is a reporter for AZ Free News. Follow her latest on Twitter, or email tips to corinne@azfreenews.com.