Ratings firms that assign environmental, social and governance ratings to companies — a multi-billion dollar endeavor — are coming under scrutiny in the Senate.
ESG ratings assess how companies align with sustainability goals such as greenhouse gas emissions, labor practices or water sustainability.
In the statement, Toomey said ESG ratings firms have a unique ability to influence valuable global ESG assets.
The senator requested copies of non-proprietary methodologies used by the firms to assess ratings by Sept. 28 in letters sent to credit raters.
The letters were sent to ratings firms MSCI, ISS, Bloomberg, Sustainalytics, Moody's, Carbon Disclosure Project, S&P Global, FTSE Russell, RepRisk, FactSet, Refinitiv, and Arabesque S-Ray.