Those darn liberals seem to burning energy on something again – at least according to the Republican staff of the U.S. Senate Committee on Banking, Housing and Urban Affairs, stated mondaq.com.

The recently released report, entitled "The New Emperors: Responding to the Growing Influence of the Big Three Asset Managers," delved into the nuts and bolts of their concerns; namely that large asset managers are leveraging their proxy voting power in the name of "liberal social goals." They’re described in the report as more broadly including diversity and inclusion and ESG considerations.

Claims lodged by the report: the application of power, in the form of significant voting influence on corporate policy rather than making the most of getting the most of investor profits by the “Big Three,” BlackRock, State Street and Vanguard.

A regulation entitled “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights” (the “Final Rule”), was published by the U.S. Department of Labor, according to usbenefits.law.

The Final Rule didn’t leave much to the imagination. Numerous times. the DOL, stressed the regulation was focused mainly on extracting and fixing the impact of ESG investing by plan fiduciaries.