A package of bills to ensure employee benefits plans prioritize financial well-being over “woke” policies has been passed by the U.S. House of Representatives.
Outgoing Virginia Republican Rep. Bob Good sponsored the Protecting Americans’ Investments from Woke Policies Act and the No Discrimination in My Benefits Act, which cleared the House 217-206.
Good says the legislation will “ensure that fiduciaries of employee benefits plans choose their employees based on historic prudence and loyalty standards” instead of “woke diversity, equity, inclusion” policies.
This means the fiduciaries “must act solely” in the best interest of beneficiaries while “continually monitoring appropriateness of investments.”
The No Discrimination in My Benefits Act “underscores the necessity of selecting service providers on a nondiscriminatory basis,” prioritizing the financial well-being of benefit plans.
The legislation would amend the Employee Retirement Income Security Act, which states race, color, sex or national origin “should not be factors in selecting fiduciaries, counsel, employees, or service providers.”
Good applauded the legislation, saying it is in the best interest of hardworking Americans to entrust their money to knowledgeable hands.
“Hard-working Americans want the most competent and knowledgeable person to manage their benefits,” Good said. “They want to know their assets are safe and that they will have a good return on investment.”
The congressman said the priorities of the Biden administration aren’t serving the best interest of the American people. He also accused the administration of using race or sex to “determine someone’s benefits eligibility.”
“Under the Biden-Harris regulatory agenda, the main priority is not the best interest of the American public, but rather DEI,” Good said. “I believe using someone’s race or sex to determine someone’s eligibility for benefits is wrong. The ESG investing agenda is in direct opposition to American principles, and my bill will protect Americans and their benefits from Washington bureaucrats.”
ESG is an acronym used in conjunction with environmental, social, and governance policies in investments.
The legislation then moves on to the Senate, where it will likely face opposition from the Democratic majority.
