U.S. Rep. Carol Miller (R-WV) on Oct. 18 joined four other Republicans to offer legislation that aims to protect investors from having environmental, social, and governance (ESG) issues prioritized over their retirement investments.
The bill is in response to Oct. 14, 2021, proposed regulation changes by the U.S. Department of Labor to the Employee Retirement Income Security Act of 1974 (ERISA) that “may often require” ESG factors in retirement plans governed by ERISA.
The Safeguarding Retirement Investment Options Act, H.R. 9198, which Rep. Miller cosponsored with bill sponsor U.S. Rep. Greg Murphy (R-NC) and fellow original cosponsors U.S. Reps. Lloyd Smucker (R-PA) and David Schweikert (R-AZ), would mandate a fiduciary of a plan to act solely in the interest of the participants and beneficiaries of the plan, according to a bill summary provided by the lawmakers.
“At the state and federal levels, we must push back against these radical policies, protect Americans’ retirement savings, and empower our energy industry,” Rep. Miller said.
The congresswoman added that “Washington liberals have weaponized the economy to attack our energy producers and force their woke ESG agenda on hard-working Americans.”
Rep. Miller called H.R. 9198 “an important safeguard against the Biden administration’s attempts to dictate investment returns based on unfounded ESG factors.”
West Virginia Attorney General Patrick Morrisey supports H.R. 9198, saying the measure “would put in critical guard rails to prevent far left schemes from robbing people of the full returns on their investments that they deserve.”