Today, the Republican Environmental, Social, and Governance (ESG) Working Group—led by Oversight and Investigations Subcommittee Chairman Bill Huizenga (MI-04)—released an interim report outlining Republicans’ efforts to protect the financial interest of everyday investors from progressive activists who are using our institutions to force far-left ideology on Americans. The interim report is just the first step in Financial Services Committee Republicans’ efforts, as the working group continues to seek input from Members of Congress and stakeholders.
“As Chairman of the ESG Working Group, I will work to push policies that benefit all Americans, not just those seeking to push their far-left agenda,” said Subcommittee Chairman Huizenga. “Today’s preliminary report is clear about one thing, the Biden Administration is making it harder for Americans to retire. Across the nation, boardrooms are being held hostage by those who push policies that will lower returns for Americans trying to build a brighter and more financially secure future. House Republicans will stand up, defend the free market, and the ability for Americans to make their own financial decisions as they see fit.”
Read the interim report here.
Read key priorities identified in the interim report:
- Reform the proxy voting system to safeguard the interests of retail investors.
- Promote transparency, accountability, and accuracy in the proxy advisory system.
- Enhance accountability in shareholder voting by aligning voting decisions with the economic interests of shareholders.
- Increase transparency and oversight of large asset managers to ensure their practices reflect the pecuniary interest of retail investors.
- Improve ESG rating agency accountability and transparency to safeguard retail shareholders.
- Strengthen oversight and conduct thorough investigations into federal regulatory efforts that would contort our financial system into a vehicle to implement climate policy.
- Demand transparency, responsibility, and adherence to statutory limits from financial and consumer regulatory agencies.
- Protect U.S. companies from burdensome EU regulations, safeguarding American interests in global markets.
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