Press Releases

Washington, D.C. – Today, House Budget Chairman Jodey Arrington (TX-19) celebrated House passage of H.R. 2988, the Protecting Prudent Investment of Retirement Savings Act, which restores fiduciary responsibility by requiring retirement plan managers to prioritize maximizing returns for beneficiaries rather than advancing climate or social agendas. This commonsense legislation repeals Biden-era ESG overreach and ensures Americans’ hard-earned retirement savings are protected from politically driven investment schemes. 

“Under the extreme climate and social policy agenda of the Biden administration, financial advisors were encouraged to steer Americans’ hard-earned retirement savings into climate and social justice related endeavors instead of maximizing financial returns. 

“By law, fiduciaries are required to act in the best financial interests of their clients - which is exactly the opposite of putting someone’s retirement savings at risk just to appease activists. 

“I am proud to support the Protecting Prudent Investment of Retirement Savings Act to safeguard retirement savings and ensure hardworking Americans can retire with peace and prosperity, not woke and broke.” – Chairman Jodey Arrington.

Background: 

• This bill would prohibit fiduciary financial advisors from prioritizing any objective other than maximizing beneficiaries’ returns when they make investment decisions on behalf of their shareholders.  

• Under this bill, retirement plans would be required to provide notices to participants allowing them to select from designated investment alternatives.  

• The bill would also ensure that the hiring and retention of pension plan employees are based on merit, not on race or sex. 

###