Fearing Looming Bubble, State Treasurers Square Up Against ESG''s "Invisible Fist" Fearing Looming Bubble, State Treasurers Square Up Against ESG''s "Invisible Fist" Authored by Nathan Worcester via The Epoch Times, Environmental, social and governance ratings batter states, choke off capital from fossil fuel industry… State treasurers spoke out against the imposition of environmental, social and governance ( ESG ) scoring on public money in a June 8 press conference, with one official comparing it to the social justice-driven push for universal homeownership that helped trigger the Great Recession. “I would be very concerned about investing in green energy right now,” said Utah State Treasurer Marlo Oaks, in response to a question from The Epoch Times. He did not rule out the possibility of an ESG bubble similar to the housing one that burst during the late 2000s —an event that drove the nation’s worst economic downturn since the Great Depression. That bubble was inflated in part by two government-sponsored enterprises, Fannie Mae and Freddie Mac. Beginning in earnest with the Clinton administration’s 1995 National Homeownership Strategy , which committed to “expanding creative financing” for home buyers, the firms continually reduced the requirements for loans.