[Congressional Record Volume 169, Number 128 (Tuesday, July 25, 2023)]
[House]
[Pages H3903-H3904]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                        SILVER CREEK HIGH SCHOOL

  The SPEAKER pro tempore. The Chair recognizes the gentlewoman from 
Indiana (Mrs. Houchin) for 5 minutes.
  Mrs. HOUCHIN. Mr. Speaker, last month, back home in Sellersburg, 
Indiana, Silver Creek High School's baseball team made history by 
winning the program's first-ever class 3A State title.
  It is truly an honor and a privilege to recognize Silver Creek High 
School on the House floor. This is not only an impressive victory, but 
a testament to the guidance and leadership of Coach Joe Decker and his 
coaching staff who worked diligently to mold these young men not only 
into State champions--but future leaders.
  I hope Coach Decker enjoys this well-deserved retirement.
  The players' countless hours of practice, preparation, and teamwork 
has finally paid off and will, without a doubt, inspire future 
generations of players and coaches to strive for both excellence and 
good sportsmanship. They have not only made their school proud but the 
entire community and their Congresswoman.
  Mr. Speaker, I look forward with great anticipation to see what they 
will accomplish next.
  I congratulate them, once again, on their first-ever State 
championship win. I am sure it won't be their last.


                     Activist Proposals at the SEC

  Mrs. HOUCHIN. Mr. Speaker, as a member of the House Financial 
Services Committee, a member of the ESG Working Group, and the 
Representative of the Ninth District of Indiana, I can say with 
certainty that we need the Securities and Exchange Commission to be 
transparent and accountable to the American people.
  In my work with committee, one issue I have been particularly focused 
on is the shareholder proposal process. In the current system, 
activists can persistently resubmit similar far-left proposals year 
after year despite those proposals being previously rejected by a 
majority of shareholders.
  This shift in focus toward advancing environmental, social, and 
political policies distracts from the primary purpose of our public 
markets which is to enable companies to raise capital, foster economic 
growth, and provide a return on investment for everyday investors.
  The SEC's recent proposals would make this problem worse by allowing 
more and more politically motivated shareholder proposals to be 
considered.
  This busy work provides no benefit to business.
  So why would we allow these already decided upon political topics to 
plague our boardrooms?
  It is simply not fair to companies, including the ones across my 
district, to have to continuously invest resources in fighting or 
litigating activist proposals that clearly do not benefit the company 
or its shareholders, especially when similar proposals have already 
been rejected.
  The SEC proposals defy logic and sound investment strategy. That is 
why last week I introduced the No Expensive, Stifling Governance Act, 
or

[[Page H3904]]

the No ESG Act, as the very first bill of its kind to be introduced in 
Congress.
  The No ESG Act would stop this burdensome rule from being enacted and 
help put an end to redundant and onerous shareholder proposals.
  More specifically, for companies listening back home, this would 
address the SEC's proposed amendments on rule 14a-8.
  While the current system benefits a small group of activists over 
everyday investors, this proposed rule would increase the burden on 
shareholders and businesses and divert attention away from the issues 
that actually matter.
  The bottom line is that southern Indiana companies shouldn't be 
forced to become political platforms where politics overshadow sound 
financial decisionmaking.
  When I said that my priority was to improve the financial landscape 
for the Ninth District, I meant it. Accomplishing that depends heavily 
on putting forth legislation that would make a real difference, and the 
No ESG Act is that kind of legislation.
  I am glad to be contending on behalf of the State of Indiana to solve 
this problem that has been overlooked for far too long.

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