The U.S. House of Representatives has passed H.R. 4790, the Prioritizing Economic Growth Over Woke Policies Act, sponsored by Subcommittee Chairman Bill Huizenga (MI-04) of the Financial Services Committee’s Republican ESG Working Group.
H.R. 4790 is a collaborative effort involving Subcommittee Chairman Huizenga and Representatives Bryan Steil (WI-01), Ralph Norman (SC-05), and Barry Loudermilk (GA-11). The legislation aims to bolster the financial system, maintain the dominance of U.S. capital markets, and safeguard the financial interests of investors and retirement savers from what they describe as 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.”
Representative Loudermilk criticized current banking regulations: “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.” He added that his American Financial Institution Regulatory Sovereignty and Transparency (American FIRST) Act would depoliticize banking regulation and restore transparency in the financial system.
Representative Steil addressed concerns about proxy advisors: “Time and again, proxy advisors have pushed professional investors to act against retirement savers’ economic interests,” he said. “My Protecting Americans’ Savings from Politics Act will regulate proxy advisors and bring accountability and transparency to stop the politicization of retirement investments.”
Representative Norman emphasized the necessity of this legislative package: “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,” he stated. He also highlighted his contribution through the Businesses Over Activists Act which aims to prevent corporate boardrooms from becoming platforms for political agendas over sound financial management.
The bill now awaits consideration in the Senate.
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