Providing for Congressional Disapproval of the Rule Submitted By the Department of Labor Relating to ``Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights''

Floor Speech

Date: Feb. 28, 2023
Location: Washington, DC


Mr. VARGAS. Mr. Speaker, many times, things around here get topsy- turvy. We have a group here involved in an anticapitalist crusade against free-market principles, attempting to prevent financial institutions from allocating capital in accordance with investors' preferences and risk management priorities.

Under their proposed resolution, investment advisers can no longer consider environmental, social, and governance factors that materially impact a company's performance and bottom line. That means that your hard-earned dollars cannot be adequately invested because you, the American worker, are now exposed to greater risk.

It is interesting it doesn't say that you must invest in ESG. All that the Biden administration says is that you can if you want to.

Whatever happened to capitalistic ideals that you should be able to invest in what you want? You are trying to force people to say: No, you cannot invest looking at a strategy of ESG.

That doesn't make any sense at all. It doesn't make any sense at all. It is anticapitalistic. It is antimarket. We should not support this resolution.