Real Clear Policy
Expect Big Pivot from SEC on Climate, ESG
The biggest decision the Securities and Exchange Commission (SEC) is likely to make this year will be on mandated disclosure of information related to…
Blog
New Climate Disclosure Rule Coming Soon from SEC
The Securities and Exchange Commission (SEC) will soon release a new proposed rule that will likely require climate change disclosures by public companies. Douglas…
National Review
The ESG Backlash
The movement for environment, social, and governance (ESG) investing, after several years of headline-grabbing growth, is about to hit a wall of resistance. Conservatives have…
The Washington Examiner
Biden Looks to Pressure Investors Away from Fossil Fuels Via Climate Disclosures
The Washington Examiner cites Research Fellow Richard Morrison on how companies deal with environmental, social, and governance standards: Richard Morrison, a…
Law & Liberty
Climate Tyrants’ New Tactics
Chief Justice John Marshall’s observation, “[t]hat the power to tax involves the power to destroy,” has become part of American political…
News Release
CEI Welcomes Communications Expert to Center for Advancing Capitalism
The Competitive Enterprise Institute is pleased to welcome writer, communications expert, and political scientist Joshua Bandoch as a Research Fellow in its Center…
Fee Stories
Where Have All the Capitalists Gone?
Economist Richard Salsman presents liberty advocates with a striking rhetorical question in the title of his most recent book. Are there really fewer capitalists than…
Blog
Comments on Department of Labor Pension ESG Rule
At the end of last year, the Department of Labor (DOL) published a notice of proposed rulemaking seeking to rewrite rules on pension…
Blog
Larry Fink and BlackRock Pulling Back on “Woke” Investing?
Larry Fink and his team at BlackRock seem to have heard the growing roar of opposition to politicized investing that is emerging in the…
National Review
In Texas, ESG Virtue-Signaling Is a Risky Investment
As the old saying goes, it would take a heart of stone not to laugh. Large financial corporations are now being skewered in the…
National Review
In Texas, ESG Virtue-Signaling Is a Risky Investment
The American Spectator
How ‘We’ Obscure the Truth About Policy
Blog
Which Classic Books Deserve a Retro Review in 2022?
Every year, there’s a tsunami of new books about economics, politics, and public policy that are full of hot takes and policy recommendations. In…
Blog
Edmans, Soukup, and Devine: 2021 Book Review Roundup
We saw some great books on economics and politics published over the past year, and some excellent book reviews. Just this week, my colleague…
Blog
Review of Vivek Ramaswamy’s Woke, Inc.
Vivek Ramaswamy—pharmaceutical entrepreneur, son of immigrants, Yale Law grad, Hindu, and political conservative—is a capitalist with a lot of strong criticism for big business…
Blog
The Challenges of ESG Investing in Space
Last month, I had the opportunity to participate in a panel discussion on the future of environmental, social, and governance (ESG) investing in…
E&E News
Support Builds for Reversing Trump’s Limits on ESG Investing
E&E News cites Research Fellow Richard Morrison’s DOL letter on pension funds and ESG investing: To be sure, there will be detractors. Conservative…
Blog
Can Pensions Be Saved from Political Mismanagement?
The Department of Labor is currently working on a new rule that would give pension fund managers greater leeway in considering non-financial criteria…
National Review
How ESG Advocates Want to Redefine Your Retirement
Economic policy is changing fast in Washington, and your retirement account may soon experience the whiplash. One of the best policies enacted by the previous…
Comment
Comment on Proposed Rule “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights”
Assistant Secretary Khawar: Thank you for the opportunity to comment on the Employee Benefits Security Administration’s recently proposed rule on the Investment Duties…
Newsweek
The Shaky Case for Mandating Gender Diversity on Corporate Boards
It’s a good time to be a female business executive in America. The percentage of firms with female CEOs is rising, and a …
Blog
New Analysis on ESG Investing: Friedman, Edmans, and Materiality
At times it seems like public events on environmental, social, and governance (ESG) investing are a dime a dozen; some think tank, consulting firm,…
Fortune
Business can’t rally around climate goals until politicians turn those goals into law
Advocates of environmental, social, and governance (ESG) investing seem to have good reason to be optimistic these days. Virtually every day, …
National Review
Will the Energy Crisis Be ESG’s Great Reset?
When it comes to the world of environmental, social, and governance (ESG) investing, we’ve become used to Panglossian headlines about how every new development only …
Blog
Public Interest Groups Challenge Nasdaq Diversity Rule in Federal Court
Back in August, I wrote about the new board diversity requirements on Nasdaq-listed companies that had been approved by the Securities and…
Blog
Retro Review: The Social Responsibilities of Business (1970)
The Biblical book of Ecclesiastes reminds us that “there is no new thing under the sun.” Even centuries before the modern era, our…
Blog
Federalist Society Experts Duel on Climate Risks and Regulation
Earlier this week, the Federalist Society presented a panel discussion titled “Corporate Social Responsibility, Investment Strategy, and Liability Risks” that addressed some important…
National Review
Conservatives Waking Up: ‘Responsible Investing’ Could Mean Left-Wing Control
We may finally be seeing a turning point in the world of “sustainable” and “responsible” investing. For the past two decades, those labels have been…
RealClear Policy
Don’t Force a One-size-fits-all Framework On Social Investors
Real Clear Policy
Don’t Force a One-size-fits-all Framework On Social Investors
Interest in environmental, social, and governance-themed, or ESG, investing has seen significant growth in recent years, but it has been matched by persistent complaints…
Blog
Capitalism and Corporations: Respect Stakeholders, But Follow the Law
Last week the Law & Economics Center at George Mason University hosted a fascinating event here in Washington, D.C. on the debate over…
Blog
Nasdaq’s Board Diversity Rule Still a Mistake
On Friday the Securities and Exchange Commission (SEC) approved a new rule from Nasdaq that will require firms listed on that exchange to…
Blog
Do We All Deserve a Share of the World’s Natural Resources?
In early July I wrote an op-ed for Inside Sources, which was subsequently picked up by several newspapers, on why the United States…
National Review
Forecast for the SEC: Storm’s a Comin’
The Biden-era Securities and Exchange Commission, led by Chairman Gary Gensler, has a lot on its plate, including potential action on everything…
Law & Liberty
A Lawless Environmental Agenda
Recently a Dutch district court issued an unusual decision ordering oil company Royal Dutch Shell to dramatically reduce its greenhouse gas emissions…
Inside Sources
The Case Against a Universal Basic Income
The financial dislocations of the novel coronavirus pandemic and the unprecedented cash benefits that policymakers implemented in response have sparked renewed interest in an…
Real Clear Policy
Don’t Knock ‘Rainbow Capitalism’ – Business Is an Essential LGBT Ally
During last month’s pride celebrations, there was a lot of debate about corporations and their embrace of Pride Month. As with any popular holiday,…
NNY 360
Richard Morrison (counterpoint): The case against a universal basic income
WASHINGTON — The financial dislocations of the novel coronavirus pandemic and the unprecedented cash benefits that policymakers implemented in response have sparked renewed interest…
Blog
Reviewing SEC Climate Disclosure Comments
Earlier this week, I wrote a short summary of the comments from myself and my colleague Marlo Lewis to the Securities…
Blog
Climate Disclosure Comments to the SEC
The Securities and Exchange Commission’s Allison Herren Lee solicited comments on climate change from the public back on March 15, and the deadline…
Comment
Public Input on Climate Change Disclosures: Questions for Consideration
View Full Document as PDF Dear Commissioner Lee, Please find below comments from the Competitive Enterprise Institute (CEI) in response…
The FinReg Blog
How Policymakers Can Defuse a Major Esg Threat to Shareholder Rights
Since 2004, when the term “ESG” was first used in a report published by the United Nations Global Compact, there has been an explosion of…
The Foundation for Economic Education
What ‘The Enduring Tension’ Can Teach Us about the Core Institutions of Our Civilization
Don Devine’s ambitious new volume is that rare published work that delivers an even larger and broader message than its title promises. A focus…
Blog
Should the SEC Require More Climate Data from Public Companies?
This week, Case Western Reserve University law professor (and CEI alum) Jonathan Adler hosted a fascinating event titled “Climate Change, Financial Markets…
National Review
When ‘Voluntary’ Becomes Obligatory — Regulatory Creep and the SEC
There was a time — not so long ago — when it was widely accepted that the primary purpose of a corporation was to generate…
Blog
New Study: Defusing the ESG Threat to Shareholder Rights
Today the Competitive Enterprise Institute published my new study on theories of enlightened investing, Environmental, Social, and Governance Theory: Defusing a Major Threat…
Study
Frequently Asked Questions on ESG Theory
View Full Document as PDF Q: What does “ESG” stand for? A: ESG is short for “environmental, social, and governance.”…
Fortune
The SEC May Get Tougher On ESG Claims—Shaking Things Up For Investors
As Gary Gensler takes the helm at the Securities and Exchange Commission (SEC), he’ll face decisions on a raft of high-profile issues—including cryptocurrency, the …
News Release
Report: Environmental, Social, and Governance (ESG) Goals Remain Vague but Pose Major Threat
A new Competitive Enterprise Institute report takes a close look at environmental, social, and governance (ESG) theory, a trending cause aimed at pressuring…
Study
Environmental, Social, and Governance Theory
View Full Document as PDF EXECUTIVE SUMMARY The concept known as environmental, social, and governance (ESG) theory has a long history…
Blog
Expect Search for Corporate Virtue to Get Increasingly Expensive
Last week I wrote about a video from the Financial Times that was meant to explain environmental social, and governance (ESG) investing.
Fox Business
SEC’s Gary Gensler Eyes Crypto And Climate Change With Confirmation Official
Fox Business cites Research Fellow Richard Morrison on ESG: ESG advocates are likely to try to stretch the definition of material…
FEE
Got Woke: A Review of ‘The Dictatorship of Woke Capital’
How did corporate America, long considered one of the most conservative American institutions, become a lead protagonist in a culture war over all manner…
Blog
Americans Ambivalent about Billionaire Influence, Reject Left-Wing Hostility
New polling, recently written up at Reason, shows that the American public isn’t nearly as hostile to capitalism, and the leaders of…
Blog
Will Anyone Challenge the SEC’s Ever-Expanding Authority?
This question of redefining a government agency’s mission arose last week during an event hosted by George Mason University’s Center for the Study…
National Review
SEC Unbound: Yet More Regulatory Creep
Federal agencies like the Securities and Exchange Commission (SEC) have long varied in their focus and priorities, depending on their current leadership and the ideological…
Blog
Perspectives on “Woke Capital” and Politicized Investing
Recently, the Competitive Enterprise Institute hosted a virtual book event for Political Forum publisher Steve Soukup’s new book, The Dictatorship of Woke…
Comment
CEI Comment on NASDAQ Board Diversity Proposal
View Full Document as PDF Comment of Richard MorrisonResearch Fellow, Competitive Enterprise Institute[1]To the Securities and Exchange Commission…
Wealth Management
Gary Gensler Lays Out Enforcement Priorities at Senate Hearing
Wealth Management cites Research Fellow Richard Morrison and Senior Fellow John Berlau on the SEC and Gary Gensler: But representatives from…
News Release
Senate Should Question Biden SEC, CFPB Nominees About Needed Constraints on Regulators
Today, the Senate Banking Committee is considering President Biden’s nomination of both Gary Gensler to head the SEC and Rohit Chopra to head the…
News Release
Richard Morrison Statement on the Confirmation Hearing of Gary Gensler to Be SEC Chair
Senior Fellow Richard Morrison reacted to the confirmation hearing of Gary Gensler to be SEC Chair: “Chairman-designate Gensler’s prepared remarks for today’s…
Blog
Federalist Society and SEC’s Roisman on Future of ESG, Corporate Governance
Yesterday the Federalist Society held an excellent virtual event on corporate social responsibility (CSR) and environmental, social and governance (ESG) theory, addressing “the…
National Review
Voluntary ESG Disclosures Not Enough for the Feds
Dozens of companies, including some of the best-known consumer brands, recently signed on to a new system of rules for reporting on environmental,…
The Foundation for Economic Education
Economic Nationalists and Anti-Corporate Progressives Both Want More Government Power
Last month President Biden designated Rebecca Slaughter as acting chair of the Federal Trade Commission, where she has served as a commissioner since 2018. During…
Inside Sources
Picking Gensler for SEC Another Sign Biden’s Bringing More Regulation to Wall Street
Inside Sources cites Research Fellow Richard Morrison on President Biden’s choice of Gary Gensler as chairman of the Securities and Exchange Commission:…
Blog
CEOs Join Davos Wonks to Launch New Corporate ESG Disclosures
Axios’ “cheerful iconoclast” Felix Salmon reported earlier this week on an agreement by dozens of major corporations to support a new system…
Blog
BlackRock’s Larry Fink: Fight COVID with Climate Activism
Larry Fink, CEO of mega asset management firm BlackRock, has released his annual pair of letters—one to the CEOs of companies that BlackRock…
Blog
Gensler Agenda at SEC Bears Close Watching
President Biden has chosen former head of the Commodity Futures Trading Commission Gary Gensler as his nominee to be chair of the Securities and…
Forbes
Who Is Gary Gensler, Biden’s Pick To Run The SEC?
Forbes cites Research Fellow Richard Morrison on President Biden’s choice of Gary Gensler as chairman of the Securities and Exchange Commission: Richard…
The Epoch Times
Biden Picks Warren Allies to Head Financial Sector Oversight Agencies, SEC, and CFPB
The Epoch Times cites Research Fellow Richard Morrison on Biden’s policy proposal for the SEC: Some conservatives have expressed reservation. Richard…
News Release
Biden’s SEC Pick Should Focus on Commission’s Core Mission, Not Political Causes: CEI Experts
President-elect Biden is reportedly set to select Gary Gensler to head the Securities and Exchange Commission. Gensler is a current MIT professor who previously…
The Washington Post
Biden Likely To Tap Gary Gensler To Lead SEC, But The Decision Isn’t Final
The Washington Post cites Research Fellow Richard Morrison on SEC reporting standards: Those efforts may already be in the crosshairs. Richard…
Law & Liberty
Who Will Control Corporations?
Milton Friedman taught us that corporate managers should focus on profitable operations and building shareholder value, while enlightened globalists like World Economic Forum founder…
The American Spectator
Money Isn’t Ruining Christmas
ost of us love the idea of a snow-filled white Christmas, but secretly dread the accompanying blizzard of commentary about how we ruin the…
National Review
Team Biden: Full Steam Ahead on Politicized Investing
Politicized investing, especially of the “environmental, social, and governance” (ESG) variety, has experienced some regulatory pushback during the last year, but the incoming Biden administration…
Blog
Biden Team Expected to Take Hatchet to Pension Protection Rule
The Department of Labor, under the leadership of Secretary Eugene Scalia, implemented an important (though widely misunderstood) rule this year, regarding how federally regulated…
Blog
Retro Review: The Communist Manifesto (1848)
The manifesto of the Communist party, written by Karl Marx and Friedrich Engels in 1847 and first published the next year, has a legendary…
National Review
Biden Brain Trust: Forget the Billionaires, Guillotine the Corporations
Buried beneath the laundry pile of new left-wing regulations the Biden administration hopes to push is a previously obscure idea whose time may, regrettably, have…
Blog
Millennials, Gen Z Optimistic about Hard Work Leading to Prosperity
The Walton Family Foundation released an interesting survey recently that found that Generation Z (ages 13–23) and Millennial (ages 24–39) Americans are more…
Blog
High CEO Pay Isn’t Making Anyone Poor
While most American are still following the final vote counts in the 2020 presidential election, many lower-profile, but still important, issues have been decided…
The American Spectator
Woke Investing and Management Strategies Threaten the Future of American Free Enterprise
The enlightened titans of the business world, from Davos, Switzerland, to New York, San Francisco, and beyond, are full of suggestions for how commerce…
National Review
A Useful Pandemic: Davos Launches New ‘Reset,’ this Time on the Back of COVID
National Review cites Research Fellow Richard Morrison on the Great Reset and claims made by Klaus Schwab: In a recent article (skillfully …
Blog
Boeing Declines to Blackmail Washington Taxpayers, Threatened by Governor in Return
Boeing recently announced plans to consolidate all production of its 787 Dreamliner jet, moving some existing work from the company’s traditional home in…
National Review
Davos Chief’s Call for Higher Taxes, More Regulation Would Mean Less Prosperity
Klaus Schwab, the founder of the World Economic Forum, which famously meets every year in Davos, Switzerland, is advising a “Great Reset” of economic…
Blog
Pension Managers Must Focus on Retiree Security, Not Politics
A new proposed rule from the Department of Labor on pension funds would clarify the responsibilities of pension fund fiduciaries covered under the Employee Retirement…
Comment
Comment on Employee Benefits Security Administration Proposed Rule “Fiduciary Duties Regarding Proxy Voting and Shareholder Rights”
Blog
CEI Event with Hester Peirce and Paul Atkins: ESG, Crypto, and other SEC Hot Topics
Yesterday, in the most recent installment of the Competitive Enterprise Institute’s “Repeal for Resilience” event series, CEI President Kent Lassman welcomed Securities and Exchange…
Blog
Climate Cronyism: Big Businesses Tailor Policy to Benefit Themselves
A shorter version of this post was published as an op-ed in the Washington Examiner last week. The Business Roundtable (BRT), an…
National Review
Can We Afford to Let Left-Wing Activists Ignore Their Social Responsibilities?
The New York Times has observed the 50th anniversary of Milton Friedman’s famous article “The Social Responsibility of Business Is to…
Washington Examiner
Climate change cronyism: Big businesses tailor policy to benefit themselves at your cost
An association of CEOs of large, U.S.-based corporations has joined the global warming bandwagon, releasing a new policy document, “Addressing…
The Washington Examiner
Climate Change Cronyism: Big Businesses Tailor Policy to Benefit Themselves at Your Cost
An association of CEOs of large, U.S.-based corporations has joined the global warming bandwagon, releasing a new policy document, “Addressing…
Blog
Do We Want Corporations to Be Society’s Moral Referees?
The New York Times is observing the 50th anniversary of Milton Friedman’s famous article “The Social Responsibility of Business Is to Increase Its…
Blog
Socialism, Nationalism, and Political Control: Iain Murray on The Remnant
My colleague Iain Murray had a fascinating conversation this week with The Remnant’s Jonah Goldberg about his excellent new book, The Socialist…
Blog
Good Vibes for Sale: The Business of Cultural Innovation
The current issue of Harvard Business Review has a fascinating article by former business school professor and brand consultant Douglas Holt. He advises…
Blog
ESG Mission Creep Could Lead to Serious Legal, Market Risks for Companies
An increasing number of U.S. corporations are signaling their commitment to corporate social responsibility by integrating environmental, social, and governance (ESG) issues into their…
Blog
Good Vibes for Sale: The Business of Cultural Innovation
The current issue of Harvard Business Review has a fascinating article by former business school professor and brand consultant Douglas Holt. He advises companies looking to innovate…
Blog
Demise of ESG Investing Overstated
The Department of Labor’s recent notice of proposed rulemaking on environmental, social, and governance (ESG) factors in pension fund investments has received a…
Blog
Don’t Let Feds Become Investing’s Sheriff of Nottingham
Investing company Robinhood and its signature smartphone app have taken off in popularity in the last several months. According to Bloomberg, Robinhood has “catapulted ahead…
National Review
Let a Thousand ESG Certifiers Bloom
The business world has recently seen a dramatic increase in the vogue for “socially responsible” rules of behavior. Companies are encouraged to make environmental, social,…
Blog
Demise of ESG Investing Overstated
The Department of Labor’s recent notice of proposed rulemaking on environmental, social, and governance (ESG) factors in pension fund investments has received a lot of…