Political Quotes

“Mr. Speaker, I rise in support of the Prioritizing Economic Growth Over Woke Policies Act, sponsored by the gentleman from Michigan (Mr. Huizenga), my good friend. This important act includes two of my bills, the Protecting Retail Investors' Savings Act and the Banking Regulator International Reporting Act, to protect capitalism from the politicization of capital allocation and to curtail the Biden-Harris regulators' efforts to circumvent Congress and use regulation to force leftist climate policies down the throats of the American people. In recent years, we have witnessed an alarming rise in asset managers favoring green and politically favored investments that deliver lower returns. According to data from Morningstar last year, sustainable U.S. equity funds underperformed the broader S&P 500 Index by 5 percentage points. In 2022, the average sustainable ESG fund was down 19\1/2\ percent. This stands to reason because ESG funds are, by design, less diversified. Studies show that fees for ESG funds average as much as 43 percent higher than non-ESG funds, further eroding investor returns. Too often, retail investors unwittingly sacrificed financial returns to advance the ESG movement. It is time to stand up for American investors against the fraud of ESG. My bill would require investment advisers to prioritize financial performance over these nonpecuniary and political factors.…”