House Passes Barr's Anti-ESG Legislation

Washington, DC - Yesterday, the U.S. House of Representatives passed the "Prioritizing Economic Growth Over Woke Policies Act"which included two of Congressman Andy Barr's bills.

The "Protecting Retail Investor Savings Act" amends the Investment Advisers Act of 1940 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors, with the option for investors to consent to the use of non-pecuniary factors in decision-making. It also calls for the SEC to conduct studies on climate change and other environmental disclosures in the municipal bond market, as well as on the solicitation of municipal securities business. The reports from these studies will help identify ways to enhance transparency and accountability in the investment process.

The "Banking Regulator International Reporting Act" requires each Federal banking agency, the National Credit Union Administration, and the Federal Housing Finance Agency to keep complete records of all interactions with certain international non-governmental organizations (NGOs), including the Financial Stability Board, the Bank for International Settlements, the Network for Greening the Financial System, and the Basel Committee on Banking Supervision, and to issue an annual report to the House Financial Services Committee and the Senate Banking, Housing, and Urban Affairs Committee detailing such interactions and the funding sources of each international NGO.

"In recent years, we have witnessed an alarming rise in asset managers favoring green investments that deliver lower returns. In addition, federal banking agencies are working with global governance bodies and climate activists to put climate policies into the supervision of U.S. financial institutions," said Congressman Andy Barr. "My legislation guards against the politicization of capital allocation and curtails the Biden-Harris regulators' efforts to circumvent Congress and use regulation to force leftist climate policies on the American people." ?