Dear Green American, This month, against all common sense, House committees are sending two bills that encompass a broad attack on responsible investing to the House floor for a vote. These bills roll together eight previous bills that attack all aspects of responsible investing, including disclosure requirements, shareholder advocacy, banking regulations, and retirement plans. We must fight back. Tell your House representative: Protect my freedom to invest responsibly. HR 4790, “Prioritizing Economic Growth over Woke Policies Act,” would in part: Require disclosure requirements only on “material” factors and allow companies to decide what is material Create an “advisory committee” for the SEC made up of corporate executives but not shareholders Allow corporations sole discretion on whether to include a shareholder resolution on their proxy ballots Significantly increase requirements to resubmit a shareholder resolution within five years Require banking regulators to submit extensive reports to Congress, including any interaction with an NGO on climate-related risk
HR 5339, “Protecting Americans’ Investments from Woke Policies Act,” would require retirement plans to: Separate “pecuniary” and “non-pecuniary” factors, which legal experts say is impossible Vote on shareholder resolutions only on the basis of profit Label certain fund options as “prudently selected” and others as “not prudently selected”
These bills are an attempt by self-serving politicians funded by Big Oil to slow the energy transition, attack corporate progress, and roll back corporate commitments. |
