{"id":379895,"date":"2025-05-25T12:43:02","date_gmt":"2025-05-25T10:43:02","guid":{"rendered":"https:\/\/climatescience.press\/?p=379895"},"modified":"2025-05-25T12:43:03","modified_gmt":"2025-05-25T10:43:03","slug":"trump-admin-backs-red-states-antitrust-suit-against-financial-titans-to-protect-coal","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=379895","title":{"rendered":"Trump Admin Backs Red States\u2019 Antitrust Suit Against Financial Titans To \u2018Protect Coal\u2019"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

From Watts Up With That?<\/a><\/p>\n\n\n\n

THE DAILY CALLER<\/a><\/p>\n\n\n

\n
\"Daily<\/figure>\n<\/div>\n\n\n

Audrey Streb
<\/strong>Contributor<\/p>\n\n\n\n

The Federal Trade Commission (FTC) and the Department of Justice (DOJ) threw their weight behind an antitrust lawsuit against major asset managers that alleges the firms colluded to tank coal production with their embrace of zero-emissions goals on Thursday morning. <\/p>\n\n\n\n

The lawsuit<\/a>, led by Paxton and backed by ten other state attorneys general, alleges that BlackRock, Vanguard and State Street collusively used their market power to suppress coal production, thereby burdening consumers by causing the price of coal to skyrocket. The Trump FTC and the DOJ filed a statement of interest<\/a> on Thursday supporting the attorneys general\u2019s lawsuit, signaling the administration\u2019s view that the firms\u2019 so-called \u201cenvironmental, social and corporate governance\u201d (ESG) investing may fall afoul of antitrust law.<\/p>\n\n\n\n

\u201cThese companies allegedly blocked the production of American coal in the name of climate change scaremongering, all so they could take money out of the pockets of American consumers and put it in theirs,\u201d Ferguson continued.<\/p>\n\n\n\n

The FTC and DOJ are taking action following Trump\u2019s day-one energy emergency declaration<\/a> and his April 8 executive order<\/a>, which directed federal agencies to \u201cencourage and support our Nation\u2019s coal industry to increase our energy supply, lower electricity costs, stabilize our grid, create high-paying jobs, support burgeoning industries, and assist our allies.\u201d<\/p>\n\n\n\n

\u201cThe President has declared a national energy emergency, and we need competition in coal production now more than ever to help fuel American energy dominance,\u201d said<\/a> Assistant Attorney General Abigail A. Slater of the DOJ\u2019s Antitrust Division. \u201cAmerican consumers suffer when institutional asset managers use shareholdings in competing companies to orchestrate output reductions.\u201d<\/p>\n\n\n\n

BlackRock, State Street and Vanguard are three of the world\u2019s largest<\/a> asset managers. All three were members of the Net Zero Asset Managers (NZAM) initiative until Vanguard dropped out in December 2022<\/a> and BlackRock exited<\/a> the coalition in January.<\/p>\n\n\n\n

The DOJ and FTC\u2019s \u201csupport for this baseless case undermines the Trump Administration\u2019s goal of American energy independence,\u201d a BlackRock spokesperson wrote to the Daily Caller News Foundation. \u201cAs we made clear in our earlier motion to dismiss, this case is trying to re-write antitrust law and is based on an absurd theory that coal companies conspired with their shareholders to reduce coal production. Forcing asset managers to divest from coal companies will harm their ability to access capital and invest in their businesses and employees, likely leading to higher energy prices.\u201d<\/p>\n\n\n\n

\u201cThese asset managers, which have been acting as an ESG climate cartel have not only deceived investors but also harmed millions of American families by raising costs and contributing to record inflation,\u201d executive director of Consumers\u2019 Research Will Hild wrote to the DCNF. \u201cNot only does the FTC and DOJ agree that the investments made were driven by a radical, political objective, but go directly against President Trump\u2019s energy goals.\u201d<\/p>\n\n\n\n

The White House, the FTC, Paxton\u2019s office, Vanguard and State Street did not respond to the DCNF\u2019s requests for comment.<\/p>\n\n\n\n

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter\u2019s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org<\/a>.<\/em><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The Federal Trade Commission (FTC) and the Department of Justice (DOJ) threw their weight behind an antitrust\u00a0lawsuit against major asset managers that alleges the firms colluded to tank coal production with their embrace of zero-emissions goals on Thursday morning.\u00a0<\/p>\n","protected":false},"author":121246920,"featured_media":379898,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691818056,691835305,691818229,691818154,691832580,691833487],"class_list":{"0":"post-379895","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-climate-change","9":"tag-department-of-justice-doj","10":"tag-esg","11":"tag-net-zero","12":"tag-net-zero-asset-managers-nzam","13":"tag-us-president-donald-j-trump","15":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/05\/OIG.BTms_.jpeg?fit=1024%2C1024&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1APl","jetpack-related-posts":[{"id":416724,"url":"https:\/\/climatescience.press\/?p=416724","url_meta":{"origin":379895,"position":0},"title":"Big 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