-9999

Floor Speech

BREAK IN TRANSCRIPT

Mr. SCHUMER. Republicans have been trying mightily to turn ESG into their newest dirty little acronym. They are using the same tired attacks we have heard for a while now--that this is more wokeness, that it is intrusion into the markets, and on and on and on.

But Republicans are missing or ignoring an important point: Nothing in the DOL rule imposes a mandate.

Again, let me repeat that: Nothing in the rule they seek to undo imposes a mandate.

It merely says that if fiduciaries wish to look at ESG factors and if their methods are shown to be prudent--it is a very narrow rule--then they have the freedom to do so--the freedom to do so. It is literally allowing the free market to do its work.

This isn't about ideological preference. It is about looking at the biggest picture possible for investors to minimize risk and maximize returns.

Why shouldn't you look at the risks posed by increasingly volatile climate incidents? Why shouldn't they consider aging populations or other trends that could impact their portfolio?

In fact, more than 90 percent of S&P 500 companies already publish ESG reports today.

The present rule gives investment managers an option. The Republican rule, on the other hand, ties investors' hands--no freedom for companies to choose what they think is right.

Republicans talk about their love of the free market, small government, ``let the private sector do its work,'' but their obsession with eliminating ESG would do the opposite, forcing their own views down the throats of every company and every investor.

I say: Let the market work. Let the market work. Mr. and Mrs. Free Market Republicans, what the heck are you doing here? Imposing your views on these companies?

If the market naturally leads to the consideration of ESG factors, then Republicans should practice what they have long preached and get out of the way.

BREAK IN TRANSCRIPT

Source