On the recordDecember 20, 2017
I appreciate the gentleman for yielding time to me, the chairman of Financial Services, Mr. Hensarling. I appreciate his leadership and stewardship on our committee. Mr. Speaker, I want to get into the bill in a second, but I can't let the Dominican Sisters reference go. It is not the Dominican Sisters who are using proxy advisers. It is the largest financial investors in the world that are using these advisers, which we are going to get into in a little bit. And if you want to talk about sisters, I will talk about the Little Sisters of the Poor, who have been ravaged by ObamaCare because they can't practice their faith, if you want to talk about sisters. We are not going to go there today. Mr. Speaker, we are in a situation where, my friends, if you listen to the debate, you might say, ``Well, Republicans are asking for a little more regulation in the proxy advisory space,'' and Democrats, miraculously, are saying, ``We don't want any regulation.'' Well, our concern is that you have consolidated power in two companies that control 97 percent of the industry, and some have made the claim and the allegation that there might be political motivations behind both--or at least one--of these massive proxy advisory firms, because Glass Lewis is owned by the Ontario Teachers' Pension fund, and they might have a political agenda that might affect the recommendations that have a massive impact on American corporate governance.…
