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US fund firms face fresh probe by lawmakers over climate group roles
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US fund firms face fresh probe by lawmakers over climate group roles
Feb 26, 2025 12:30 PM

Feb 26 (Reuters) - Leading U.S. asset managers have been

asked by Republican lawmakers to detail their role in a planned

overhaul of the sector's top climate coalition amid concern its

efforts amount to collusion, letters to the firms seen by

Reuters showed.

The move to seek documents from companies including Capital

Group, State Street Global Advisors and JPMorgan Asset

Management relates to a planned review within the Net Zero Asset

Managers Initiative (NZAM).

After previous pressure led BlackRock ( BLK ) to leave the

group in January, NZAM asked members to contribute through a

series of meetings that U.S. House of Representatives Judiciary

Chair Jim Jordan said in the letters could lead to

"uncompetitive conduct."

The material is the latest in a series of demands for

information and reports by Jordan and his committee suggesting

collusion among financial companies. None of the financial

institutions called out by Jordan have been charged with

breaching federal anti-trust law over their climate efforts,

although several face litigation in Texas.

The ongoing political challenge nevertheless has chilled the

appetite of U.S. corporate boards to get involved in global

efforts to fight climate change and prompted a number to leave

coalitions where they could become a target.

The trend has picked up since the election of President

Donald Trump, who has called climate change a hoax, targeted a

number of green policies enacted by his predecessor and yanked

the country out of global efforts to fight climate change.

(Editing by Leslie Adler)

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