by Sarah Roderick-Fitch
The U.S. House of Representatives has passed a package of bills aimed at ensuring that employee benefit plans put financial well-being above “enlightenment” politics.
Retiring Republican Virginia congressman Bob Good sponsored the Protecting Americans’ Investments from Woke Policies Act and the No Discrimination in My Benefits Act, which passed the House of Representatives by a vote of 217 to 206.
He speaks well legislation “will ensure that fiduciaries of employee benefit plans select employees based on historical prudence and loyalty standards” rather than policies of “diversity, equity and inclusion.”
This means that trustees “must act solely” in the best interests of the beneficiaries while “continuously monitoring the soundness of the investments.”
The Nondiscrimination in Benefits Act “emphasizes the need to select service providers in a nondiscriminatory manner,” putting the financial well-being of benefit plans first.
The bill seeks to amend the Employee Retirement Income Security Act, which provides that race, color, sex, or national origin “shall not be factors in the selection of fiduciaries, legal advisors, employees, or service providers.”
Good praised the bill, saying it is in the best interests of hard-working Americans to put their money in the hands of people who know what they are doing.
“Hardworking Americans want their benefits managed by the most competent and experienced person possible,” Good said. “They want to know their assets are safe and that they will get a good return on their investment.”
The congressman said the Biden administration’s priorities do not serve the interests of the American people. He also accused the administration of using race or gender to “determine someone’s eligibility for benefits.”
“The top priority under the Biden-Harris regulatory agenda is not the best interests of the American public, but DEI,” Good said. “I believe it is wrong to use someone’s race or gender to determine their eligibility for benefits. The ESG investment program is in direct conflict with American principles, and my bill would protect Americans and their benefits from Washington bureaucrats.”
ESG is an acronym used in the context of environmental, social and corporate governance policies in investing.
The bill will then go to the Senate, where it will likely face opposition from most Democrats.
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Sarah Roderick-Fitch is Central Square Mid-Atlantic Regional Editor. Previously, she served as an editor and contributor for several publications. In addition to writing and editing, Sarah spent nearly a decade working for nonprofit public policy organizations in the Washington, DC area.
