Presidential candidate Vivek Ramaswamy claimed investment giants Blackrock, State Street and Vanguard “represent arguably the most powerful cartel in human history.”

The tech entrepreneur wrote in an X post on Sunday, “They’re the largest shareholders of nearly every major public company (even of each other) & they use *your* own money to foist ESG agendas onto corporate boards – voting for ‘racial equity audits’ & ‘Scope 3 emissions caps’ that don’t advance your best financial interests.”

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“This raises serious fiduciary, antitrust, and conflict-of-interest concerns. As President I will cut off the real hand that guides the ESG movement – not the invisible hand of the free market, but the invisible fist of government itself.”

In his post, Ramaswamy included a clip of his speech at the Nixon Library in Yorba Linda, California on Thursday. An audience member had mentioned his writings on stakeholder capitalism, asking for his thoughts on how the United States should “balance maintaining its soft power” with respect to relationships with global institutions like the World Economic Forum (WEF).

My practical answer is if it comes in an acronym — FTC, SEC, FBI, DOJ, WEF, WHO, NATO, UN — we may have good reasons to be skeptical of the purpose of any acronymized institution. I say that only half flippantly,” Ramaswamy responded.

In the video, he concluded: “We have to fill that vacuum of purpose with our own vision of what it actually means to still be a citizen of this nation, not some nebulous global citizen fighting climate change, no, a citizen of the United States of America, and to say that is true. That means something to me, and I will stand for my sovereignty and the sovereignty of my nation.”

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