Miller, Murphy Introduce ESG Legislation to Protect American Retirement Savings

Press Release

Today, Congresswoman Carol Miller (R-WV) joined Congressmen Greg Murphy, M.D. (R-NC), David Schweikert (R-AZ), and Lloyd Smucker (R-PA) to introduce the Safeguarding Investment Options for Retirement Act. The legislation aims to protect investors from having politically motivated 'woke' environmental, social, and governance (ESG) issues put ahead of hardworking Americans' investment returns.

"Washington liberals have weaponized the economy to attack our energy producers and force their woke ESG agenda on hardworking Americans," said Rep. Carol Miller. "Dr. Murphy's bill is an important safeguard against the Biden Administration's attempts to dictate investment returns based on unfounded ESG factors. At the state and federal levels, we must push back against these radical policies, protect Americans' retirement savings, and empower our energy industry."

"The Employee Retirement Income Security Act (ERISA) is supposed to protect retirement investment plans by requiring plan managers to be subject to fiduciary responsibilities," said Rep. Greg Murphy, M.D. "However, the Biden administration's proposed changes to ERISA abandon fiduciary responsibility by allowing 'woke' ESG factors to dictate investment returns -- putting Americans' retirement savings at risk. Our commonsense legislation would impose strict enforcement measures to ensure that 'woke' Biden policies do not hinder Americans' retirement savings. I am grateful to Republican Attorney Generals across the nation who are fighting back against the Biden administration's radical policies and leading the charge against ESG at the state level."

"Protecting our retirees stems from a fiduciary duty, not a political agenda," said Rep. David Schweikert. "It is imperative the Biden administration does not go forward with its proposals to jeopardize the savings of our retirees by changing the Employee Retirement Income Security Act (ERISA). Our seniors are suffering enough under this administration, this ESG agenda would push hard-working Americans further into misery and wipe out even more of their savings."

"We need to do everything we can to not let this radical woke agenda derail the fiduciary obligations of plans to protect the hard-earned retirement savings of Americans," said West Virginia Attorney General Patrick Morrisey. "This bill would put in critical guard rails to prevent far left schemes from robbing people of the full returns on their investments that they deserve. As Attorney General of West Virginia, I am standing firm with my colleagues to fight back against the Biden administration's ESG policies that are waging an all-out war against traditional American energy and values."