ICYMI: Steil, Barr Call on Biden Admin to Investigate German Company’s Acquisition of Major Global Advisory Firm

ICYMI: Congressmen Bryan Steil (WI-01) and Andy Barr (KY-06) last week sent a letter to the U.S. Treasury Department demanding the Biden administration investigate German company, Deutsche Börse’s acquisition of Institutional Shareholder Services Inc (ISS). 

ISS is the largest proxy advisory firm both in the U.S. and abroad. ISS has persistently used its substantial power to push American companies to reduce their greenhouse gas emissions in line with the ‘net zero’ goals of the Paris Agreement. In turn, Deutsche Börse declared that its acquisition of ISS "is a logical step in our ESG growth strategy" and would "strengthen" its focus "on sustainable investing."  

Fox Business highlighted Steil and Barr’s concerns regarding the acquisition of ISS and their concerns about foreign influence being used to promote a green energy agenda in the U.S. Specifically, they discussed the detrimental impact proxy advisors have on workers, the economy, and retirement savings when used to advance political agendas instead of prioritizing investments.  

CLICK HERE to read the article.  

Excerpts from the letter below:  

“ISS’s net-zero agenda threatens to undermine our nation’s energy independence, make our critical infrastructure dependent on China, weaken our national defense, and jeopardize our food security. These issues implicate national security and warrant review under Section 721 of the Defense Production Act.  

“Accordingly, we request that the Committee on Foreign Investment in the United States (“CFIUS”) conduct a thorough review of ISS’s foreign acquisition and take appropriate remedial action to protect our national security.” 

NOTE: Rep. Steil introduced the Protecting Americans’ Retirement Savings from Politics Act in 2023. The bill passed in the House Financial Services Committee shortly afterwards. The legislation is focused on improving the shareholder proposal and proxy voting advice process to prioritize retirement savings over partisan politics.  

CLICK HERE to read the letter.  

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