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House Passes the Prioritizing Economic Growth Over Woke Policies Act
House Republicans are taking action to protect the financial system, workers, job creators, and everyday investors from radical ESG initiatives

Washington, Sep 19 -

Today, the U.S. House of Representatives passed H.R. 4790, the Prioritizing Economic Growth Over Woke Policies Act, sponsored by the Financial Services Committee’s Republican ESG Working Group leader, Subcommittee Chairman Bill Huizenga (MI-04).

H.R. 4790 is a reflection of the combined efforts of Subcommittee Chairman Huizenga and Reps. Bryan Steil (WI-01), Ralph Norman (SC-05), and Barry Loudermilk (GA-11) to strengthen our financial system, preserve the dominance of U.S. capital markets, and protect the financial interests of investors and retirement savers from radical ESG initiatives.

“Today’s legislation is a culmination of almost two years of work by House Republicans,” said Subcommittee Chairman Huizenga. “These sensible policies will encourage innovation, improve access to investment opportunities, and foster economic growth. The radical mandates being put forward by the Biden-Harris Administration have made it harder, not easier for my constituents to retire with financial security. The Promoting Economic Growth Over Woke Policies Act corrects the misguided social policies that have been weaponized by rogue regulators and liberal activist investors at the expense of financial returns. By restoring choice and empowering retail investors, this package of bills is a win for all families across Southwest Michigan.”

“America’s banking regulators are intentionally misleading Congress and the American people when they say their regulations have kept politics out of our financial system. Instead, these supposedly independent agencies have been hijacked to push highly partisan environmental, social, and governance (ESG) policies, reversing long standing efforts to be objective,” said Rep. Loudermilk. “The American Financial Institution Regulatory Sovereignty and Transparency (American FIRST) Act will de-politicize banking regulation, remove unnecessary political influence from the financial supervisory regime, and restore transparency and accountability in our financial system. I am proud to see this legislation pass the House today; and I thank Speaker Johnson, Leader Scalise and the House Financial Services Committee Republicans for their commitment in getting it to the Floor for a vote. I strongly urge the Senate to pass this legislation.”

“Time and again, proxy advisors have pushed professional investors to act against retirement savers’ economic interests,” said Rep. Steil. “My Protecting Americans’ Savings from Politics Act will regulate proxy advisors and bring accountability and transparency to stop the politization of retirement investments. I’m grateful for my colleagues’ work on this legislative package that passed the House today. Together, we took an important step to stand up for retirement security, corporate governance, and common sense.”

“The Prioritizing Economic Growth Over Woke Policies Act is a strong and necessary counter to the current administration’s woke takeover of our financial system,” said Rep. Norman. “I am proud that my legislation, the Businesses Over Activists Act, was included in this commonsense package. The Businesses Over Activists Act ensures that corporate boardrooms are not turned into partisan platforms where political agendas overshadow sound financial management. My colleagues on the Financial Services Committee and I will continue to work towards preventing regulatory overreach, reforming the SEC’s processes, and reasserting sovereignty over American financial regulation.”

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