“Sinister” financial institutions in the environmental, social and corporate governance movement are partnering with each other and cutting off access to capital for companies that don’t share their values in what is anticompetitive and possibly illegal behavior, Alabama Attorney General Steve Marshall wrote in an op-ed published Monday night in the Wall Street Journal.

Companies are within their rights to participate in ESG investing, Marshall wrote, but they can also face possible consequences from consumers. But they should not be allowed to join forces to blacklist companies and industries that do not agree with their views.

He drew a comparison to the consumer impact on Anheuser-Busch in the wake of the Dylan Mulvaney-Bud Light controversy.

“The more sinister ESG acolytes, however, aren’t merely printing woke messages on six-packs,” wrote Marshall, who testified earlier this month before the House Oversight Committee and is investigating whether players in the financial system are illegally colluding

For instance, according to Marshall, financial institutions that won’t invest pension or private funds in oil companies or other industries contributing to climate change are effectively imposing those policies “in defiance of our free-market economy.”

“America’s self-proclaimed ‘socially responsible’ financial institutions, which should be competing in the free market, are instead joining forces with one another and their global counterparts to decide which companies—and, in some cases, which industries—should be permitted to continue their market participation unimpeded,” the attorney general continued.

President Biden, whose term “has been an ESG crusade in the crudest form,” is attempting to get the government involved in the ESG movement by imposing “ESG litmus tests” on federal contractors without the approval of Congress, Marshall said.

“The president would then have his own blacklist, useful for strong-arming companies to go woke in defiance of market forces and the legislative branch. Republican attorneys general will continue to stand in his way,” he said.

“Consumer choice and businesses’ access to funding are central to our free-market system. Because ESG dogma isn’t playing well in the open market, Mr. Biden and his administration’s favorite big banks and asset managers want to close off certain sectors of the market altogether,” he wrote.

“If they are successful, Americans will pay the price,” Marshall wrote, “be it with tax dollars spent to finance green subsidies or simply with unaffordable vehicles and power bills.”