Texas Law Working Against Chase & Co. Discrimination

What to Know: JPMorgan Chase & Co. says a new Texas law against government work with banks that discriminate against the firearms industry is “hurting its business.”

The TPPF Take: JPMorgan Chase’s refusal to work with the firearms industry is part of a movement called environmental, social, and governance (ESG) investing. It also targets fossil fuel investments.

“This trend means giving more funds to companies who talk the right talk on issues like climate change, instead of to companies that offer the highest return on investment,” says TPPF’s Jason Isaac. “The ESG movement wrongly bullies corporations into ignoring their duty to provide profitability for shareholders, in order to appease a vocal minority of progressive activists. And some major firms are capitulating.”

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