Retirement Proxy Protection Act
Rep. Houchin Introduces Bill to Stop Retirement Funds From Voting on Social Issues
The Retirement Proxy Protection Act is currently in the early stages of the legislative process. It was recently sent to the House Committee on Education and Workforce for review. There are no upcoming votes scheduled at this time.
Legislative Progress
While this bill has support from House Republicans, it faces a difficult path in the Senate where there is more support for considering social and environmental factors in investing.
Key Points
Impact Analysis
Personal Impact
Life & Work
Many union workers participate in multi-employer pension plans whose fiduciaries actively use shareholder votes to push for worker-friendly corporate policies like better labor practices or workplace safety. This bill could limit that advocacy by requiring votes to focus narrowly on direct financial returns. Union-affiliated pension funds that currently engage in ESG-related shareholder activism may need to significantly scale back those activities.
Programs
Milestones
Referred to the House Committee on Education and Workforce.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
Related News
5 articlesHouse passes bill to limit ESG factors in retirement investing
The House voted 213-205 to pass the Protecting Prudent Investment of Retirement Savings Act (H.R. 2988), which incorporates the Retirement Proxy Protection Act. The bill limits retirement fund managers' ability to consider ESG factors, requiring decisions to be based on pecuniary interests.
House GOP passes pair of anti-ESG bills targeting 'woke' investment policies
The House passed H.R. 5339, the Protecting Americans' Investments from Woke Policies Act, which includes the Retirement Proxy Protection Act. The legislation restricts pension fund managers from using ESG factors and requires detailed documentation of proxy voting activities.
Biden denounces trio of 'anti-woke' bills in Congress
President Biden denounced the Protecting Americans' Investments from Woke Policies Act, arguing that artificially limiting fiduciaries' ability to consider material information like ESG risks would reduce savings and retirement security for Americans.
Source Information
Document Type
Congressional Bill
Official Title
Retirement Proxy Protection Act
Data Sources
Sponsor
Cosponsors
(2)Analysis generated by AI. Always verify with official sources.