House Republicans are continuing their effort to target so-called 'woke' investing.
Rep. Andy Barr, R-Ky., will introduce a bill that would target funds that consider environmental, social and governance issues, known as ESG.Rep. Andy Barr, R-Ky., center, Speaker of the House Kevin McCarthy, R-Calif., right, and Rep. Bill Huizenga, R-Mich., attend a signing ceremony for a resolution that disapproves of a rule related to the "Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights, in the U.S. Capitol on Thursday, March 9, 2023.
Retail investors would also need to be notified if their financial advisors invested their funds in an ESG. In addition, advisors would need to disclose the difference in fees and performance between ESG funds and a similar index. Proponents say ESG investing is intended to promote the social good, although critics say it hurts investors.
Barr's bill doesn't specifically block funds from being invested in ESG options. Rather, his goal is to ensure investors' returns are prioritized ahead of social and environmental goals. Those who want to invest in ESGs would be able to do so but they would need to provide consent in writing.. Earlier this year, both chambers of Congress voted to roll back a Biden administration rule allowing fiduciaries to consider ESG factors when they make investment decisions.
"Whether you are a Republican, a moderate or a Democrat, or conservative or liberal, we're trying to depoliticize investing in America," Barr said. "Your 401, your 529, your investment account should work for you. It should deliver returns. It shouldn't be a mandatory political statement."
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