James McAllister

Jacksonville

Senior Policy Reporter at Ballotpedia

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Articles

House subcommittee addresses proxy advisory firms

4 days ago | news.ballotpedia.org | James McAllister

House subcommittee addresses proxy advisory firmsMay 11, 2025 at 10:31 AMThe House Financial Services Subcommittee on Capital Markets held a hearing last week on proxy advisory firms, which guide institutional investors on how to vote their shares. Opponents say proxy firms promote ESG priorities in shareholder votes—especially Institutional Shareholder Services (ISS) and Glass Lewis, which control a combined 90% of the proxy advisory market.
Fannie Mae closes ESG department

1 week ago | news.ballotpedia.org | James McAllister

Fannie Mae—the Federal National Mortgage Association, a government-sponsored enterprise (GSE)—shut down its ESG department, firing over 30 employees, including Laurel Davis, head of the company’s mission and impact program. The closure follows similar moves at Freddie Mac and reflects a broader shift away from ESG and DEI initiatives promoted during the Biden administration.
Fifteen state AGs ask Business Roundtable to stop DEI

3 weeks ago | news.ballotpedia.org | James McAllister

Fifteen state AGs ask Business Roundtable to stop DEIApril 24, 2025 at 6:39 AMFifteen state attorneys general sent a letter to Business Roundtable, an organization of chief executive officers (CEOs), urging the organization and its member companies to withdraw their support for diversity, equity, and inclusion (DEI) initiatives. The Republican state attorneys general are asking the business group to reverse its perceived support of ESG issues.
Trump issues executive order opposing state ESG policies

3 weeks ago | news.ballotpedia.org | James McAllister

Trump issues executive order opposing state ESG policiesApril 18, 2025 at 1:12 AMPresident Donald Trump (R) issued an executive order last week directing U.S. Attorney General Pam Bondi to investigate and block enforcement of state laws promoting ESG policies. Trump argued such laws conflict with national security and economic interests. The order lays the groundwork for federal legal challenges against state ESG laws.
Tennessee drops Wells Fargo investigation

1 month ago | news.ballotpedia.org | James McAllister

Tennessee Attorney General Jonathan Skrmetti (R) last week closed his investigation into whether Wells Fargo coordinated with other financial institutions to promote net-zero climate policies in violation of antitrust laws. The investigation was part of a broader effort by Republican attorneys general to challenge coordination among financial institutions on climate policy. Skrmetti closed the case after the bank announced plans to move away from net-zero commitments.
SEC ends defense of climate reporting rules

1 month ago | news.ballotpedia.org | James McAllister

The Securities and Exchange Commission (SEC) announced last week that it voted to end its defense of the Biden-era corporate emissions reporting rules. The decision indicates the majority of current SEC commissioners do not support the implementation of the rules.
Florida attorney general investigates proxy advisors

1 month ago | news.ballotpedia.org | James McAllister

Florida attorney general investigates proxy advisorsMarch 27, 2025 at 8:32 PMFlorida Attorney General James Uthmeier (R) announced last week that his office is launching an antitrust investigation into Glass Lewis and Institutional Shareholder Services (ISS), the two largest proxy advisory firms. ISS and Glass Lewis control over 90% of the proxy advisory market and can influence how institutional investors, including pension funds, vote in corporate elections—particularly on ESG issues.
Hagerty introduces bill prohibiting foreign ESG rule enforcement

1 month ago | news.ballotpedia.org | James McAllister

Hagerty introduces bill prohibiting foreign ESG rule enforcementMarch 19, 2025 at 11:29 AMSen. Bill Hagerty (R-Tenn.), a member of the Senate Banking Committee, introduced a bill—the PROTECT USA Act—that he says will protect American companies from the European Union’s (EU) ESG reporting requirements. Republicans and American business organizations have argued the EU’s ESG regulations would hurt and force compliance on U.S. companies.
State Street removes diversity goals

2 months ago | news.ballotpedia.org | James McAllister

State Street removes diversity goalsMarch 14, 2025 at 11:58 AMState Street removed corporate board diversity requirements from its 2025 proxy voting guidelines in a Feb. 28 update. Proxy voting refers to the process through which shareholders who do not physically attend corporate shareholder meetings vote on company issues such as executive pay packages, board membership, and other shareholder and management proposals. Typically, proxy voting occurs over the phone, by mail, or online.
Democratic state financial officers support ESG in letter to regulators

2 months ago | news.ballotpedia.org | James McAllister

Democratic state financial officers support ESG in letter to regulatorsFebruary 28, 2025 at 10:15 AMSeventeen Democratic state financial officers sent a letter to the acting heads of the Securities and Exchange Commission (SEC) and the Department of Labor (DOL), asking them to not restrict the use of environmental, social, and governance (ESG) factors in financial decisions.