Senate Majority Leader Chuck Schumer (D-NY) accepted more donations in the last election cycle from BlackRock and individuals affiliated with the firm than any other member of Congress.
The connection between the lawmaker and the asset management company was noted by the American Accountability Foundation, a non-profit government oversight and research organization, after Schumer rebuked efforts to scrap a Labor Department rule that would allow retirement fiduciaries to allocate funds in accordance with the environmental, social, and corporate governance movement, also known as ESG. Both the House and Senate passed a resolution opposed to the rule, which President Joe Biden is expected to veto.
BlackRock is a leading proponent of the ESG movement, which critics say mingles political and social causes such as decreasing carbon emissions and achieving racial diversity in a manner that compromises or distracts from profitability. Schumer nevertheless accepted $103,950 from individuals associated with BlackRock and $10,000 from a political action committee controlled by the company, according to data compiled by OpenSecrets.