Washington, D.C. – The House Committee on Financial Services Subcommittee on Oversight and Investigations will hold a hearing tomorrow titled “The Fall of ESG: Scrutinizing the Failed Use of Environmental, Social, & Governance Standards and the Influence of Proxy Advisors.” This hearing will feature testimony from Charles Crain and Tim Doyle, who have funded their careers with money from the oil and gas industry.
Tomorrow’s hearing is the latest move by a network of shady politicians, right-wing activists, and the leaders of Big Oil working to dismantle ESG investing – despite responsible investing being overwhelmingly popular among Americans across party lines.
“The predictable attacks on ESG during tomorrow’s hearing are from witnesses pedaling Big Oil’s agenda, despite being in direct contradiction with what investors and the American people continue to demand,” said Unlocking America’s Future Spokesperson Kyle Herrig. “Time and time again, we see efforts from dark money politicians and right-wing activists funded by corporate polluters to weaponize false claims in an attempt to kill responsible investing policies and protect wealthy special interests. Research shows that ESG and climate risk disclosures benefit financial transparency, the environment, and the American economy.”
Tomorrow’s witnesses advocating against ESG have built their careers by pedaling the interests of Big Oil:
Charles Crain
Charles Crain is the current vice president of domestic policy at the National Association of Manufacturers (NAM) – an organization with a long history of opposing clean air regulations and fighting against corporate liability for climate change. The Association has publicly combatted several life-saving EPA air pollution regulations, including 2023 standards on particulate matter. NAM also operates the Manufacturers Accountability Project to fight against efforts to hold corporations liable for climate change.
The company’s Board of Directors includes representatives from several oil companies and large carbon emitters, including ExxonMobil, ConocoPhillips, Shell Chemical LLC, Continental Resources, Devon Energy Corporation, Koch Industries, Energy Transfer LP, Dow Inc., Southern Company, Dominion Energy, and American Electric Power.
As recently as 2020, Crain claimed NAM’s member companies “aren’t worried” about
scrutiny from investors over climate change. He also this year stated that climate disclosures would have a “devastating impact” on some manufacturers in response to the U.S. Securities and Exchange Commission’s (SEC) proposed climate risk disclosure rule.
Tim Doyle
Since 2016, Tim Doyle has worked for several organizations funded by the oil and gas industry. Beginning in 2019, Doyle served as senior advisor at the Bipartisan Policy Center and held the position until late last year. According to the organization’s 2021/2022 annual report, the Bipartisan Policy Center has received funding from numerous oil and gas companies, including Cheniere Energy, Inc., Chevron Corporation, Devon Energy Corporation, Dominion Energy, ExxonMobil, Occidental Petroleum Corporation, and Pioneer Natural Resources.
From 2016 through 2019, Doyle was vice president of policy and general counsel at The American Council for Capital Formation, a free market think-tank that has taken millions of dollars in funding from the oil and gas industry – including $1.8 million from ExxonMobil and over half a million from the American Petroleum Institute. The organization’s registered council members and sponsors include representation from over a dozen oil and gas companies and trade organizations.
Throughout his career, Doyle has consistently shilled for the Big Oil agenda, praising former President Trump’s executive orders deregulating the oil and gas industry and supporting gas pipelines like Keystone to counteract the “misuse of environmental laws.” He has also been quoted praising Trump’s anti-ESG labor rule, saying it protected investors “from the political agenda of activist fund managers.”
Currently, Doyle serves as founder and principal of the strategic consulting firm Doyle Strategies.
