Congressman introduces legislation that would eliminate ESG in TSP pensions (2023)
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Congressman Chip Roy (R-Texas) on May 23 reintroduced legislation calling for the elimination of the use of ESG in the Thrift Savings Plan (TSP), the pension plan for federal employees and members of the military. The private managers of the TSP are BlackRock and State Street, two of the largest passive asset managers and among the biggest advocates of ESG.
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On Tuesday, Representative Chip Roy (R-TX) led 17 of his Republican colleagues in re-introducing the “No ESG at TSP Act,” legislation that seeks to prevent the federal Thrift Savings Plan (TSP) from allowing taxpayer dollars to flow into Environmental, Social, and Governance (ESG) funds. In a press release announcing the bill’s reintroduction, Roy said “ESG investing poses a dangerous threat to the free flow of capital,” and that the movement is actively threatening domestic energy supply, empowering activist shareholders, and advancing woke gender and racial ideologies. “ESG is an investing scheme woke corporations are using to appease the Left by destroying reliable American energy and advancing radical gender and racial ideologies,” Roy said. “Last year, the Thrift Savings Plan began allowing federal employees to invest their taxpayer funded salaries into ESG plans. The U.S. Government has no business propping up woke scams like ESG. Congress should eradicate every federal policy and office that promotes it, starting here.” The “No ESG at TSP Act” would prohibit TSP from allowing federal employees to invest their taxpayer-funded salaries into funds that make “biased investment decisions” based on ESG criteria, according to the release. TSP currently manages about $817 billion in total assets, making it the largest defined contribution plan in the world. The vast majority of TSP contributions stem from withholdings from federal or servicemember paychecks and their respective agency matches. That means TSP is effectively allowing billions of taxpayer dollars to be used for ESG investing, the press release said, and the “No ESG at TSP Act” would stop this…. The new bill’s cosponsors include Dan Bishop (R-NC), Troy E. Nehls (R-TX), Brian Babinn (R-TX), Byron Donalds (R-FL), Dan Crenshaw (R-TX), Scott Perry (R-PA), Bob Good (R-VA), Michael Cloud (R-TX), Buddy Carter (R-GA), Andy Ogles (R-TN), Matt Rosendale (R-MT), Randy Weber (R-TX), Andy Biggs (R-AZ), Keith Self (R-TX), Glenn Grothman (R-WI), Lauren Boebert (R-CO), and Josh Brecheen (R-OK).[1] |
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See also
- Environmental, social, and corporate governance (ESG)
- Economy and Society: Ballotpedia's ESG newsletter
External links
Footnotes
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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