Today, the House of Representatives is expected to vote on H.R. 5339, the
Protecting Americans' Investments from Woke Policies Act, legislation introduced by Congressman Rick W. Allen (GA-12) to safeguard the retirement savings of America's workers, retirees, and families from the Biden-Harris Administration's radical rush-to-green agenda.
During debate on the House floor, Congressman Allen delivered the following remarks, as prepared for delivery, in support of H.R. 5339:
"I rise in support of my bill, H.R. 5339, the Protecting Americans’ Investments from Woke Policies Act.
"The Committee on Education and the Workforce has worked diligently this Congress to hold the Biden-Harris Administration accountable for their destructive policies that only serve to harm America’s families, workers, and retirees. That’s why I proudly partnered with many of my committee colleagues to put together the package of bills before us that stops this Administration’s assault on the retirement security of millions of Americans.
"Saving for retirement has become increasingly difficult as prices continue to skyrocket. Over the last three and a half years, we have witnessed a sharp rise in the cost of basic necessities, putting a significant strain on household budgets. The average household in Georgia is paying over a thousand dollars more per month to purchase the same goods and services as in January 2021, and cumulatively, the average Georgia household has spent over $27,000 more due to inflation in that same time frame.
"Because of the Biden-Harris Administration’s out-of-control spending policies, inflation is soaring, many seniors are living paycheck to paycheck, retirement savings are in jeopardy, and hardworking Americans are struggling to secure their financial future. One example of how the Biden-Harris Administration is jeopardizing retirement savings is through a Department of Labor rule that allows financial advisors to ignore their responsibility to prioritize financial returns in favor of investing Americans’ retirement savings into risky, climate-related Environmental, Social, and Governance, or ESG, funds.
"ESG funds are proven to carry higher risk and charge steeper fees, and financial institutions have become more brazen in professing partisan and ideological preferences while investing Americans’ hard-earned retirement savings. As families continue to struggle to afford basic necessities like gas and groceries due to record inflation, the last thing hardworking taxpayers need is for their retirement savings to be depleted due to politically-motivated mismanagement.
"That is why I was proud to introduce the Roll back ESG To Increase Retirement Earnings, or RETIRE, Act. This bill rolls back this overreaching rule and ensures ERISA retirement plan sponsors prioritize financial returns over ESG factors when making investment decisions on behalf of their clients. My RETIRE Act makes clear what ERISA intended. Retirement plan sponsors should invest their clients’ hard-earned money in a manner that maximizes financial returns and minimizes risk. Period.
"We must get back to a point where financial institutions make investment decisions based on standards of return, credit, collateral, raw data, and balance sheet numbers. We can do so by passing today’s legislation. I strongly urge a yes vote on H.R. 5339 and I yield back."
