It’s been a widely accepted trend in financial circles for nearly two decades. But suddenly, Republicans have launched an assault on a philosophy that says that companies should be concerned with not just profits but also how their businesses affect the environment and society.

More than $18 trillion is held in investment funds that follow the investing principle known as E.S.G. — shorthand for prioritizing environmental, social and governance factors — a strategy that has been adopted by major corporations around the globe.

Now, Republicans around the country say Wall Street has taken a sharp left turn, attacking what they term “woke capitalism” and dragging businesses, their onetime allies, into the culture wars.

The rancor escalated this week as Congress entered the fray. Republicans used their new majority in the House on Tuesday to vote, 216 to 204, to overturn a Department of Labor rule that allows retirement funds to consider climate change and other factors when choosing companies in which to invest. The Senate followed on Wednesday, as two Democrats, Senators Joe Manchin III of West Virginia and Jon Tester of Montana, joined Republicans in a 50-to-46 vote to send the resolution to President Biden’s desk.

The White House has said Mr. Biden will block the resolution, in what could be the first veto of his presidency.

As if to underscore the issue’s sudden visibility, former Vice President Mike Pence let loose on Twitter on Tuesday. “Disappointing that President Biden is putting E.S.G. and woke policies above hard-working Americans’ retirement accounts!” wrote Mr. Pence, a potential 2024 candidate for the White House. “We will keep fighting until we put a stop to E.S.G. once and for all!”

E.S.G. investing has been routine on Wall Street for years. Most major companies issue extensive reports about their efforts to combat climate change and commitment to workplace diversity.

But in recent months, conservatives have increasingly attacked the practice, arguing that it promotes liberal priorities ranging from renewable energy to the Black Lives Matter movement.

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