Key Vote YES on H.R. 2988

The American Energy Alliance supports H.R. 2988, the Protecting Prudent Investment of Retirement Savings Act.

For many years activists and advisory firms have encouraged and sometimes threatened fiduciaries responsible for managing and investing Americans’ retirement savings to engage in so-called ESG investing. This type of investing involves elevating subjective political priorities rather than focusing on economic returns. Most average Americans did not even know that their investment funds and voting rights were being leveraged to pursue political goals. The Biden administration even passed regulations which encouraged playing these political games with people’s retirement savings.

While the rage for ESG has faded in more recent years because of inflation and the obvious market underperformance of ESG-driven investing, the destructive ideology remains a threat to Americans’ retirement savings. This legislation would make clear that the responsibility of retirement fiduciaries is economic returns for their clients, not pursuing the political goals of activists. This will protect from future attempts to hijack the retirements savings of average Americans.

A YES vote on H.R. 2988 is a vote in support of free markets and affordable energy. AEA will include this vote  it in its American Energy Scorecard.