Miller joins fellow Republicans in proposing bill protecting retirement investment options

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U.S. Representative Carol Miller (R-WV) joined four other Republicans on October 18 in proposing legislation to protect investors from prioritizing environmental, social, and governance (ESG) issues over their investments. of retirement.

The bill follows October 14, 2021, the U.S. Department of Labor’s proposed regulatory amendments to the Employees Retirement Income Security Act of 1974 (ERISA) that “may often require” ESG factors in plans. retirement plans governed by ERISA.

The Safeguarding Retirement Investment Options Act, HR 9198, which Rep. Miller co-sponsored with the bill’s sponsor, U.S. Rep. Greg Murphy (R-NC) and the other original cosponsors, U.S. Rep. Lloyd Smucker (R- PA) and David Schweikert (R-AZ), would mandate a plan fiduciary to act solely in the interests of plan participants and beneficiaries, according to a draft bill provided by lawmakers.

“At the state and federal levels, we need to push back against these sweeping policies, protect Americans’ retirement savings, and strengthen our energy industry,” Rep. Miller said.

The congresswoman added that “liberals in Washington have weaponized the economy to attack our energy producers and impose their woke ESG agenda on hard-working Americans.”

Representative Miller called HR 9198 “an important safeguard against attempts by the Biden administration to dictate investment returns based on unsubstantiated ESG factors.”

West Virginia Attorney General Patrick Morrisey supports HR 9198, saying the measure “would put in place essential safeguards to prevent far-left programs from depriving people of the full return on their investments they deserve. “.

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