Court records and official announcements from financial institutions

House Passes H.R. 4709 to Curb Proxy Advisors' Influence on Retirement Savings, Counter ESG Initiatives

Sep 19, 2024, 08:59 PM

The House of Representatives passed H.R. 4709, a bill aimed at curbing the influence of proxy advisors on retirement savings. Led by Rep. Bryan Steil, the Protecting Americans’ Savings from Politics Act seeks to remove political agendas from retirement investments. The legislation is part of a broader Republican effort to counteract progressive ESG (Environmental, Social, and Governance) initiatives, which they argue are detrimental to economic growth. Additionally, the Prioritizing Economic Growth Over Woke Policies Act targets the proxy advisory duopoly. Rep. Meuser's H.R. 4790 also passed, defending American businesses from foreign regulatory overreach. The bill has sparked significant debate, with Democrats opposing it on the grounds that it restricts investor access to critical information, such as diversity data and climate risks. Rep. Brad Sherman and Rep. Joyce Beatty voiced strong opposition, emphasizing the importance of transparency and investor rights. Meanwhile, Rep. Loudermilk's American FIRST Act, included in the bill, aims to ensure U.S. control over financial regulations, rather than global governance bodies.