The U.S. House of Representatives on Thursday passed H.R. 4790, the “Prioritizing Economic Growth Over Woke Policies Act,” by a vote of 215 to 203. Alaska’s Rep. Mary Peltola voted with all Democrats against the measure, which now heads to the Senate.
H.R. 4790, introduced by Congressman Bill Huizenga of Michigan, would make it easier for Americans to save for retirement and increase their financial security by preventing regulatory overreach that pushes social and environmental engineering. The bill restores the standard that holds large proxy advisory firms accountable, and blocks federal regulators from inserting ESG [Environmental, Social, Governance] mandates and other liberal woke initiatives into the financial system. These mandates have been inserted by the Biden-Harris Administration and now nearly every pension plan has a section of its investments dedicated to these low-return initiatives.
“The mandates being put forward by the Biden-Harris Administration make it so my constituents will retire with less financial security,” Huizenga said. “With inflation and high prices negatively impacting seniors on a fixed income as well as individuals and families trying to find a way to make ends meet, Washington shouldn’t be making it harder for Southwest Michigan families to achieve the American Dream.”
Social policies are being inserted by regulators into investment decisions made by people who have the fiduciary responsibility to get the most for their clients. Investment advisors are being pushed to invest in risky solar and wind projects as part of pension plan portfolios,
“Stopping these misguided mandates will help everything from larger city police pension funds to a married couple in Southwest Michigan looking for better returns and greater financial security. This legislation is a win for families in Battle Creek, Holland, Kalamazoo, Mattawan, Plainwell, St. Joe, and everywhere in between who are working to build a brighter and more secure financial future,” Huizenga said.
