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

Floor Speech

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Ms. TLAIB. Mr. Speaker, the so-called ESG debate is a fabricated political issue funded by corporate interests that are trying to protect their short-term profits at the expense of our workers, our retirees, and our communities.

The stakes are real, and hardworking families' retirement security is on the line.

Just look at the impacts at the State level, Mr. Speaker. Indiana's budget office, for example, has estimated that forcing their State pension system to divest from firms or funds that use ESG factors could reduce returns by $6.7 billion.

Public funding is also at stake. Let's look at Texas. It passed anti- ESG legislation at the State level, disrupting the municipal bond market. Public borrowing costs have now increased by roughly $400 million in Texas.

Anti-ESG efforts shield companies from accountability, put families' retirement savings at risk, and cost the public money.

All this is for corporate profits. Pensioners and retirees deserve better.

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Ms. TLAIB. Mr. Speaker, I want everyone to admit that this is all for corporate profits and that the American people deserve better.

These are retirees who worked incredibly hard, and we have to do everything we can to protect their investments. They deserve better. They deserve the transparency that these factors produce.

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