My Bill Protecting Americans' Retirement Funds from Risky ESG Factors Passes the House

congressman allen's e-newsletter

My Bill Protecting Americans' Retirement Funds from Risky ESG Factors Passes the House

Advancing partisan policies at the expense of Americans' hard-earned retirement savings is wrong—that's just common sense. However, the Biden-Harris Administration put the retirement security of over 150 million Americans at risk when it finalized a rule that enabled and encouraged retirement plan fiduciaries to consider or choose investments based on environmental, social, and governance (ESG) factors. ESG factors often charge steeper fees, carry higher risk, have lower returns, and are well-known underperformers.

As Chairman of the Health, Employment, Labor, and Pensions Subcommittee, my Republican colleagues and I are committed to protecting the retirement savings of workers, retirees, and their families. That's why the House of Representatives recently passed my bill, H.R. 2988, the Protecting Prudent Investment of Retirement Savings Act. This bill ensures that retirement plan sponsors prioritize maximizing returns rather than political or social impacts using ESG factors.

Watch my remarks on the House floor HERE.

Read my full statement HERE.

Read a fact sheet on H.R. 2988 HERE.

Restoring Regular Order and Keeping Americans Safe

House Republicans are on a mission to responsibly fund the federal government as we fight to get America’s financial house in order and return to regular order. Last week, House Republicans passed another appropriations package that furthers President Trump’s agenda and delivers real spending cuts for hardworking Americans.

The Financial Services and General Government Appropriations Act:

Protects U.S. financial systems by enhancing government-wide cybersecurity and IT upgrades
Modernizes infrastructure at agencies like the Treasury and the Executive Office of the President
Supports economic growth by supporting taxpayers and cracking down on fraudsters and tax cheats
Bolsters efforts to prevent terrorists, criminals, and other bad actors from using the financial system
Combats the spread of deadly drugs like fentanyl
Helps crack down on waste, fraud, and abuse in government

The National Security, Department of State, and Related Programs Appropriations Act:

Administers double-digit cuts for the United Nations and other unaccountable international organizations
Prioritizes fiscal sanity by cutting over $9 billion and eliminating funding for Biden-era climate, gender, DEI, and other extraneous initiatives that diluted the mission of America’s foreign policy
Denies the Chinese Communist Party access to U.S.-backed resources
Promotes freedom and security throughout the Western Hemisphere

This is how the appropriations process is supposed to work, and I was proud to support this America First measure.

Celebrating Dr. King's Life and Legacy

Today, I joined members of the CSRA community for a memorial celebration to remember the life and legacy of Martin Luther King Jr. – a man who led an unwavering and peaceful march toward harmony in America.

Last Week's Office Visitors

As always, it was great to meet with several groups to talk about the issues that matter most to them.

Those pictured include representatives from:

Nexstar Media Group
CTIA—Cellular Telephone Industries Association
National Nurses United

White House Highlight

President Donald J. Trump recently signed the Whole Milk for Healthy Kids Act in the Oval Office, which restores access to whole milk in schools and strengthens support for American dairy producers.

This legislation will allow schools to offer whole and 2% milk options, in addition to low-fat milk, in their cafeterias – for the first time in over a decade. Non-dairy milks can now also be served in school lunchrooms, even without a doctor’s note.

This bill—now the law of the land—means schools have the flexibility to serve the types of milk their students actually want to drink. This is a win for dairy farmers, parents, and, most importantly, children. Providing nutrient-dense food means kids can grow, thrive, and succeed in the classroom.

Committee Activity

Energy and Commerce Committee

Subcommittee on Energy hearing:

"Protecting America’s Energy Infrastructure in Today’s Cyber and Physical Threat Landscape"

Safeguarding our nation’s energy infrastructure is vital to providing affordable and reliable power while protecting American communities. I asked our witnesses about the role national labs, like those at the Savannah River Site (SRS), play in grid security.

Panel 1: Watch my remarks HERE.

Panel 2: Watch my remarks HERE.

Subcommittee on Communications and Technology hearing:

"Oversight of the Federal Communications Commission"

Local broadcasters, including those in Georgia, face unprecedented challenges competing with unregulated Big Tech platforms. I questioned Federal Communications Commission (FCC) Chairman Brendan Carr about empowering local broadcasters and the growing need for rules that reflect today’s competitive media landscape.

Watch my remarks HERE.

Subcommittee on Communications and Technology markup:

The subcommittee forwarded six public safety communications bills to the full committee with my support:

H.R. 6505, Next Generation 9-1-1 Act
H.R. 2076, LuLu’s Law
H.R. 5200, Emergency Reporting Act
H.R. 5201, Kari’s Law Reporting Act
H.R. 7022, Mystic Alerts Act
H.R. 1519, Public Safety Communications Act

Education and Workforce Committee

Full Committee hearing:

"Building an AI-Ready America"

This was the first hearing in a series examining how Artificial Intelligence (AI) is impacting the workforce, job training, and education. I asked our panel of witnesses how AI is addressing the issue of affordability.

Watch my remarks HERE.

Follow me on Social Media!

Social media is a great way to stay connected and I encourage you to keep up with my work in Congress by ‘liking’ my Facebook page and following me on X, formerly known as Twitter, and Instagram.

###

As always, my office is here to help. If you'd like to email me, please click here.

To contact one of our district offices, please click here.

To stay informed about what is happening in Washington D.C. and in our district, please follow me on Facebook, X, and Instagram.

Sincerely,

Rick Allen
Member of Congress