In case you missed it, former Chairman of the U.S. House Financial Services Committee Jeb Hensarling recently penned an op-ed in the Wall Street Journal warning conservatives to “be careful not to sacrifice free speech, free enterprise and limited government” as many seek to bring politics and enact government overreach into many corporate and financial policies.
Hensarling opens by delving into the ongoing war over corporate ESG policies and the impact of “culture wars” during the Obama administration. He goes on to spotlight, however, that “a growing populist conservative movement has seemingly decided that government decrees to private businesses may not be such a bad idea as long as those dictates are conservative.”
“Red states including Oklahoma and Arkansas have empowered regulators to deny state businesses to asset managers that they determine have boycotted or discriminated against favored industries such as oil and gas… it’s foolish to have political professionals rather than investment professionals construct portfolios and expect better returns. Isn’t this exactly what Republicans accuse Democrats of doing?” he continues.
Hensarling instead argues that lawmakers should “focus on corporate finance rather than corporate ideology,” and questions if “conservatives genuinely want to ‘drain the swamp,’ or do some simply believe they can train the alligators to bite the right people?”
“When trying to increase bureaucratic power over private businesses, conservatives would be wise to be careful what they wish for… Conservatives would do well to remember that a light regulatory touch encourages economic growth,” Hensarling reminds.
Hensarling concludes, “But as populist conservative elected officials begin to legislate business practices, they must be careful not to sacrifice free speech, free enterprise and limited government. These freedoms remain foundational to our culture, and we must protect them. To adapt an infamous Vietnam War quote, conservatives must be careful not to destroy freedom in an effort to save it.”
To read the full op-ed in the Wall Street Journal, click here.
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