More broadly, it's another front in America's culture wars, with politicians positioning themselves as fighting back against what Florida Gov. The tussle between conservative states, with officials in Florida and Texas being the most vocal, and Wall Street is specifically about how investors should use their money to take sides in debates over energy policy and climate change. "They say they're boycotting companies that are boycotting the energy industry, and then they find out BlackRock manages energy funds." Vaporware is software-industry slang for products that are announced but never reach store shelves. "It's not only vaporware, it's ridiculous vaporware," said David Nadig, an expert on exchange-traded funds and financial futurist at VettaFi, which owns. And politicians are preparing for an assault on ESG based on antitrust claims – but institutional investors have framed their strategies to steer clear of legal theories Republican state attorneys general are pursuing, legal experts say. Even where states have acted, the steps seem likely to have little impact on investment firms that consider ESG in choosing stocks – which is nearly all major asset managers. First, the blowback to ESG is confined to a few states so far, with Republican politicians in other states raising issues but taking only limited action.
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