Juan Vargas: “I thank the ranking member for yielding. Mr. Speaker, I rise in opposition to this bill. As co-chairman of the…”

“I thank the ranking member for yielding. Mr. Speaker, I rise in opposition to this bill. As co-chairman of the Congressional Sustainable Investment Caucus, I am glad to join Ranking Member Waters and other colleagues here to talk about protecting the freedom to invest. Americans want their pensions and retirement savings to be invested responsibly. Additionally, recent studies have shown that 80 percent of investors want to invest in companies that consider climate risks, diversity hiring, and employee welfare. That is because investors understand that these factors have huge implications for the value of their investments and depend on disclosures to make informed choices. Corporations are spending up to $500,000 a year to evaluate their sustainable business practices because investors are asking for this information. Many of these investors manage pensions and retirement savings for teachers, firefighters, police officers, and other hardworking Americans. However, House leadership is bringing legislation to the floor that limits access to the very information that investors want. I submitted an amendment that would have protected the right of investors to access these disclosures. Unfortunately, this amendment and others intended to increase transparency were rejected. Mr. Speaker, the bill we are voting on today would make it more difficult for investors to maximize the returns on your retirement savings. Why?…”