Exclusive | Top Republican lawmaker plots anti-woke ESG-bashing bill

A Republican congressman aims to curb so-called “woke investing” by forcing state pension funds to focus purely on profits — even as a conservative group accused pension managers of “playing politics” with Americans’ savings.US Rep.Andy Barr (R-Ky.) is to introduce a new bill to force retirement funds to concentrate on maximizing returns rather than environmental, social, and governance targets, more commonly known as ESG.The law, dubbed the Ensuring Sound Guidance Act, would not ban the investments outright but would demand that firms disclose any difference in fees and returns between an ESG-linked fund and a rival index.Sources close to the GOP lawmaker, a senior member of the House Financial Services Committee.

said the draft text would be published later on Wednesday.“American investors deserve financial advice based on sound economic principles—not political agendas,” Barr told The Post.“The Ensuring Sound Guidance Act protects retail investors and retirement savers by reaffirming that financial advisors must prioritize financial returns, not ESG trends.

“This legislation is about keeping politics out of your portfolio and restoring the fiduciary responsibility that is essential to investor trust and long-term economic growth.”Barr’s bid to move against ESG was blocked during the previous administration after former commander-in-chief Joe Biden vetoed a draft law that had been passed in both the House and the Senate.The measures, which proponents claim are aimed at promoting social good, became a lightning rod earlier in the 2024 presidential campaign.One-time contenders Vivek Ramaswamy and Ron DeSantis both lambasted the policies as being bad for American investment portfolios.The push to hardwire ESG-bashing legislation into federal law comes amid a crackdown by state leaders against the practice.Barr’s home state of Kentucky saw Democratic Gov.Andy Beshear sign one of this country’s toughest anti-ESG laws, demanding that sta...