Gunasekara’s full testimony can be found HERE once the hearing begins [2 p.m. ET].

WASHINGTON, D.C. Independent Women’s Forum (IWF) today announced Mandy Gunasekara, director of the Center for Energy and Conservation at IWF, will provide expert testimony before the U.S. House Committee on Oversight & Reform at 2 p.m. ET tomorrow, June 6 on the damaging consequences of environmental, social, and governance (ESG). This is Gunasekara’s second federal testimony on this subject this year.

The joint Subcommittee on Economic Growth, Energy Policy, and Regulatory Affairs and Subcommittee on Health Care and Financial Services hearing, titled, “ESG Part II: The Cascading Impacts of ESG Compliance,” will examine how ESG initiatives impact businesses, consumers, and retirees. Gunasekara will argue that ESG has been developed to advance a radical progressive agenda and goals that have failed to gain traction in Congress and state legislatures and are increasingly being shut down in the courts.

In her testimony, Gunasekara writes, “As American families continue to struggle under persistent inflation, increased energy costs, and an economy on the verge of a recession, a subset of financial elites and their allegiance to environmental, social, and governance—or rather ‘ESG’—investing are making matters worse.”

Gunasekara will highlight and prove that:

  • The policies pushed by ESG end up causing more harm than good;
  • ESG guidelines force low-income households to choose between food or electricity;
  • ESG funds consistently perform worse than non-ESG funds, hurting retirees and pensioners; and
  • ESG is a tool to advance the Left’s broader cultural agenda.

On the cascading consequences of ESG, Gunasekara explains and outlines the following:

  • “E” standards result in higher cost energy, unreliable electricity grids, and stand to undermine environmental progress;
  • “E” standards enrich high-end asset managers at Blackrock, State Street, and Vanguard at the expense of retirees and pensioners;
  • “S” standards force companies to engage in controversial political issues, such as campaigns to defund the police or promoting “gender transitions” in children, cultivating division in the workplace and the marketplace; and
  • “G” standards give the appearance of diversity while restricting freedom of thought and competing viewpoints in the workforce.

Hearing Witness List: 

  • Mandy Gunasekara, director of Independent Women’s Forum Center for Energy & Conservation; 
  • The Honorable Jason Isaac, director of the Texas Public Policy Foundation’s Life:Powered initiative; and 
  • Stephen Moore, distinguished fellow in economics at the Heritage Foundation

“No administration should be able to impose damaging restrictions that burden American energy companies, disincentivize investment, and gamble with Americans’ retirement to fund its own far-left political agenda in the private market. The Biden Administration has routinely prioritized its progressive ESG schemes over the real economic, energy, and national security interests of the United States. We look forward to hearing from experts as we continue to investigate and expose the harmful effects of ESG practices,” said Subcommittee Chairs Pat Fallon and Lisa McClain.


WHAT: U.S. House Committee on Oversight & Reform, Joint Subcommittee on Economic Growth, Energy Policy, and Regulatory Affairs & Subcommittee on Health Care and Financial Services hearing, “ESG Part II: The Cascading Impacts of ESG Compliance”

WHEN: Tuesday, June 6, 2023 at 2 p.m. ET

WHERE: Rayburn House Office Building, Room 2154 

The hearing will be open to the public and press.

Media Inquiries: [email protected]

Gunasekara’s full testimony can be found HERE once the hearing begins.

Livestream is available HERE.

Independent Women’s Forum is dedicated to developing and advancing policies that aren’t just well intended but actually enhance people’s freedom, choices, and opportunities.