Biden Succeeds in Plan to Use Retirement Funds to Further Social-Justice Culture War

A few weeks ago, I wrote in my weekly newsletter about the passage of H.J. Res 30 and expressed my commitment to protecting the retirement savings of workers, retirees, and their families. H.J. Res 30 would nullify a dangerous Department of Labor rule that lets retirement savings be used to push a political agenda instead of generating the best possible return. The resolution passed with bipartisan support in both the House and Senate, but President Biden vetoed it earlier this week. In sticking to my commitment to retirees, this week, I voted to override the President’s veto.

The law has historically required that investment advisors act solely in the interest of the plan's participants and beneficiaries, to maximize the gain on investments that families are counting on for retirement, not on so-called environmental, social, and governance (ESG) factors. But the Department of Labor rule is now giving investment advisors freedom to weaken that commitment and instead put employees’ retirement savings into risky investments that advance the Biden Administration’s radical climate hysteria and “equity” policies, endangering retirement savings to embrace their liberal ideology.

While the majority of the House voted against the president’s veto, we did not obtain the two-thirds vote required to override it. President Biden and his Wall Street pals won this round, putting at risk the retirement savings of more than 140 million Americans. But House Republicans know that retirement savings belong to the Americans who worked for it, and are not for financial advisors to invest based on anything other than to protect and grow those retirement nest eggs. Needless to say, I will continue to oppose the extreme idea of these liberals that they have any right to meddle with other people’s money.

H.J. Res 30 - Overriding of Presidential Veto of the original bill - YEA

Overrides the veto of H.J. Res 30
Would roll back a Department of Labor rule which lets retirement savings be used for ESG factors rather than investments which will maximize gain.
Prevents advisors from investing without the knowledge of the beneficiary.

H.R. 5 - Parents Bill of Rights - YEA

Creates transparency by requiring the curriculum to be readily available to parents.
Allows parents to be heard through both in-person meetings with teachers and through the school board.
Requires a public disclosure of school district budgets - including both revenue and expenditures.

It was National Agriculture Week! The agriculture sector in Arkansas provides…

511,673 jobs
$23.3 billion in wages
$1.5 billion in exports
$103.3 billion in farm production

This week, I — along with Senators Boozman and Cotton and Congressmen Hill, Womack and Westerman — wrote to President Biden urging him to support Governor Sarah Huckabee Sanders’s request for a major disaster declaration for Bradley, Calhoun, Cleveland, Dallas, Desha, Drew, Grant, Jefferson, Lincoln, Nevada, Ouachita, Searcy and Stone Counties due to severe winter weather from January 30 - February 2 of this year.

Arkansans have demonstrated resourcefulness and resilience during this challenging time. But as it stands, we believe the magnitude of this weather event warrants supplemental federal assistance. The above-mentioned counties have seen homes, businesses, and important infrastructure severely damaged, and federal government resources will be critical in our restoration efforts.