Virginia Foxx: “It is a little ironic that our side of the aisle is being accused of being anticapitalist and anti-free market. I would…”

“It is a little ironic that our side of the aisle is being accused of being anticapitalist and anti-free market. I would like to clarify for the record the content of the Trump Department of Labor rule on retirement plan ESG investing. Under the Trump rule, if a fiduciary finds that an ESG factor is a pecuniary or financial factor, it can be considered when investing and exercising shareholder rights. {time} 1445 Here are a few excerpts of the Trump rule, to set the record straight: ``Nothing in the final rule is intended to or does prevent a fiduciary from appropriately considering any material risk with respect to an investment.'' Another quote: ``The ERISA fiduciary duty of prudence requires portfolio-level attention to risk and return objectives reasonably suited to the purpose of the account, diversification, cost sensitivity, documentation, and ongoing monitoring.'' ``The proposal was not intended to suggest that these principles apply other than neutrally to all investment decisions. . . . '' To suggest that the Trump rule barred a fiduciary from appropriately considering any factor that may be material to an investment is blatantly false. If anything, the Trump rule was neutral as to the prudent decisions of fiduciaries. Mr. Speaker, I reserve the balance of my time.”