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

Floor Speech

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Mr. GREEN of Texas. Mr. Speaker, I thank the gentlewoman for yielding.

Still I rise, and I rise today in strong opposition to this legislation. On the subject of climate change, acknowledging the dangers posed by climate change benefits corporate America, as climate change is a threat to our financial system, as well as the global economy.

If insurance companies and their investors do not account for climate risk, they will either have to go bankrupt or exit certain markets, exacerbating the recent trend wherein some of the largest insurance companies are choosing to withdraw coverage from certain States.

Further, a 2023 study conducted by asset manager Nuveen found that more than 73 percent of U.S. investors said they were more likely to invest in a company that communicates its plans for effectively managing ESG-related risk.

Now on the question of diversity. When it comes to diversity, diversity is a benefit, not a detriment. Diversity benefits corporate shareholders by improving a company's performance.

A 2023 McKinsey report found that companies in the top 25 percent for both gender and ethnic diversity in their executive teams are, on average, 9 percent more likely to outperform their peers.

On the other hand, McKinsey found that companies in the bottom 25 percent for both gender and ethnic diversity are 66 percent less likely to outperform their peers.

In truth, this isn't about minorities and women not being qualified. In truth, it is about the fact that they are minorities and women in a society that has historically discriminated against them. Minorities and women are good for business.

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