Andy Barr: “I thank the gentlewoman, the chairwoman of the committee, for her leadership in fighting the politicization of capital…”

“I thank the gentlewoman, the chairwoman of the committee, for her leadership in fighting the politicization of capital allocation and the politicization of retirement savings. Mr. Speaker, today House Republicans stand on the side of retail investors. We stand up for millions of Americans around the country who are increasingly asking themselves this simple question: When will I be able to retire? This Congressional Review Act measure that I am offering is a bipartisan, bicameral joint resolution, disapproving of a Department of Labor rulemaking that will politicize Americans' retirement accounts and jeopardize their retirement security. This measure simply states that retirement plan sponsors be required to prioritize maximum financial returns for investors ahead of nonpecuniary factors like environmental, social, and governance standards, a political agenda. We do so in a moment where one in five Americans have saved nothing for their retirement, including one in three baby boomers, the generation closest to retirement. We do so in a moment when 78 percent of Americans are either extremely or somewhat concerned about affording a comfortable retirement. We do so in a moment where the gap between the amount of money that Americans have saved for retirement and the amount that they will need for retirement is $3.8 trillion. That is why, Mr.…”