[Congressional Record Volume 168, Number 115 (Wednesday, July 13, 2022)]
[House]
[Page H5980]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  SAFEGUARDING THE SAVINGS OF RETIREES

  (Ms. FOXX asked and was given permission to address the House for 1 
minute.)
  Ms. FOXX. Mr. Speaker, the left's woke agenda is putting the 
retirement savings of many Americans at risk.
  The Biden administration's proposed rule would require retirement 
plan managers to consider environmental, social, and governance factors 
when making investment decisions for workers and retirees. These 
factors can include a company's carbon footprint, hiring practices, and 
whether it is unionized.
  ESG factors are subjective and arbitrary, making them a perfect 
weapon for the left. Forcing ESG standards on retirement accounts is a 
clear violation of the Employee Retirement Income Security Act, which 
requires fiduciaries to put the financial interests of plan 
participants first.
  ESG requirements pressure investors to subject retirement savings to 
low-yield investments. This is irresponsible. We should be doing all 
that we can to safeguard the savings of retirees instead of putting 
them at risk to satisfy the woke mob.

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