BOSTON— Today, the House Financial Services Committee voted to advance a bill that would change U.S. securities law to restrict investors’ fiduciary ability to address all material financial risks and act in the best interests of their beneficiaries.
The legislation, known as the Protecting Americans' Retirement Savings from Politics Act (H.R. 8286), was introduced by Reps. Bryan Steil and Ann Wagner.
Andrew Collier, Director of the Freedom to Invest initiative said:
“This misguided legislation would arbitrarily divide different types of financial risks into categories, limiting investors from considering all risks – including those related to extreme weather and energy costs - facing their portfolios. It would also introduce deliberately burdensome reporting requirements on investors, which will ultimately impose more compliance costs on the pension funds serving firefighters, police officers, and teachers. This is the latest legislative attack from some lawmakers who want to take away an investor’s freedom to invest responsibly. Fortunately, their efforts continue to draw scrutiny not only due to these costly pensioner and economic impacts but also because of their increasing threats to constitutional rights and the free market.”
About Freedom to Invest
Freedom to Invest brings together investors, companies, and other stakeholders to champion the freedom to consider all material financial risks and opportunities in decision-making. Learn more at FreedomtoInvest.org.