Guiding Uniform and Responsible Disclosure Requirements and Information Limits Act of 2023

Floor Speech

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Mrs. BEATTY. Mr. Speaker, I rise today in strong opposition to H.R. 4790, a package of partisan, harmful financial services bills that would harm American investors and consumers.

Study after study has proven that diversity and racial equity in the workplace significantly improve company performance, leading to greater profits and enhanced levels of innovation. Failing to address these issues at a firm directly affects stock value and investment risk.

Therefore, investors should unquestionably have this data about the companies they are investing in. Shareholders ought to have a meaningful opportunity to bring these issues to the attention of management through the shareholder proposal and proxy statement process.

The bottom line is, diversity matters, diversity disclosures matter, and investors have the right to access the information they need to make informed investment decisions based on their own judgment of which factors indicate long-term value.

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Mrs. BEATTY. Mr. Speaker, dismissing certain disclosures as nonmaterial or irrelevant takes that decision out of the hands of the investor and impedes the asset managers' ability to mitigate risks to clients.

Lastly, instead of empowering investors and consumers, this majority has prioritized dismantling diversity and inclusion programs and a full-scale war on environmental, social, and governance policies that investors themselves are demanding.

Mr. Speaker, I implore my colleagues to oppose this bill.

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