{"id":1495049,"date":"2022-05-27T16:14:47","date_gmt":"2022-05-27T20:14:47","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1495049"},"modified":"2022-05-27T16:14:48","modified_gmt":"2022-05-27T20:14:48","slug":"gop-lawmakers-propose-bill-to-stop-taxpayer-dollars-from-going-toward-woke-investment-funds","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gop-lawmakers-propose-bill-to-stop-taxpayer-dollars-from-going-toward-woke-investment-funds\/","title":{"rendered":"GOP Lawmakers Propose Bill To Stop Taxpayer Dollars From Going Toward \u2018Woke\u2019 Investment Funds"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fgop-lawmakers-propose-bill-to-stop-taxpayer-dollars-from-going-toward-woke-investment-funds%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1495049&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Rep. Chip Roy (R-TX) and seven other Republicans lawmakers proposed legislation on Friday to stop taxpayer dollars from going toward Environmental, Social, and Governance (ESG) funds.<\/p>\n<p>Earlier this week, an exclusive <a href=\"https:\/\/www.dailywire.com\/news\/poll-by-two-to-one-margin-investors-reject-woke-companies-pushing-political-causes\">Daily Wire poll conducted by Echelon Insights<\/a> showed that Americans want companies they invest in to stop preaching and to instead pursue profits. While 29% of respondents agreed it is a \u201cgood thing\u201d for companies to leverage their financial power for political or social means supported by executives, 58% \u2014 twice as many \u2014 said it is a \u201cbad thing.\u201d The Daily Wire poll found that most investors prefer to focus on profits instead of ESG when they choose their own assets \u2014 and most believe that other investors should have the same opportunity.<\/p>\n<p>Roy\u2019s \u201cNo ESG at TSP Act,\u201d proposed the day after The Daily Wire poll was released, would stop the Thrift Savings Plan (TSP) \u2014 a retirement savings plan for federal employees and the largest defined contribution plan in the world \u2014 from flowing into ESG funds.<\/p>\n<p>\u201cESG investing is a woke scam. It restricts the free flow of capital, undermines U.S. energy freedom to the benefit of our enemies, and advances woke racial and gender ideologies intent on dividing the republic,\u201d Roy argued in a press release to The Daily Wire. \u201cThe upcoming changes to TSP would allow billions of taxpayer dollars to serve these ends. The federal government shouldn\u2019t have any part in this radical nonsense, and especially shouldn\u2019t be using your money to do it.\u201d<\/p>\n<p>In a Friday interview with \u201cMorning Wire,\u201d entrepreneur Vivek Ramaswamy explained that investors often <a href=\"https:\/\/www.dailywire.com\/news\/get-woke-go-broke-entrepreneur-predicts-a-reckoning-against-woke-capital\">do not want their savings leveraged<\/a> for political purposes. As Ramaswamy discussed, there is a \u201cprincipal agent conflict\u201d at play when \u201cthe person who speaks on behalf of the client is saying things to corporate America that the client himself would not want to say.\u201d<\/p>\n<p>Indeed, asset managers like BlackRock, State Street, Vanguard \u2014 which oversee a collective $21 trillion in capital \u2014 often pressure companies they hold to pursue racial or gender-based quota systems, diversity programs, and other political initiatives.<\/p>\n<p>\u201cYou might ask the question of why it is that those large firms are doing what they do. And this is really just a form of crony capitalism,\u201d Ramaswamy diagnosed. \u201cWhat they get in return is government favors.\u201d<\/p>\n<p>Ramaswamy observed that many large asset managers have been the recipients of cushy arrangements with the federal government.<\/p>\n<p>\u201cI mean, if you look at who got to administer the COVID-19 stimulus packages, it was none other than BlackRock \u2014 that\u2019s a pretty profitable business to be in,\u201d he said. \u201cIf you look at who staffs the Biden administration, including the Treasury Department, including in the Council of Economic Advisors, including the vice president\u2019s staff \u2014 a lot of BlackRock alumni. They are doing what the party in power wants them to do in return for favors that allow them to aggregate greater not only profit, but greater power.\u201d<\/p>\n<p>What is the most realistic way for investors to opt out of ESG-style investments \u2014 a right that 66% of investors supported in The Daily Wire poll? According to Ramaswamy, look no further than market competition.<\/p>\n<p>\u201cThat doesn\u2019t exist today\u2026 Do I think that citizens should be able to have their capital invested in ways that take their voice and their preferred advocacy behavior into account by their asset managers? Absolutely,\u201d he said. \u201cI think that that reform is coming, but it\u2019s only going to come because of actual market competition. Not because we wish it into existence.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rep. Chip Roy (R-TX) and seven other Republicans lawmakers proposed legislation on Friday to stop taxpayer dollars from going toward Environmental, Social, and Governance (ESG) funds. Earlier this week, an exclusive Daily Wire poll conducted by Echelon Insights showed that Americans want companies they invest in to stop preaching and to instead pursue profits. While &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1495088,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1495049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1495049","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1495049"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1495049\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1495088"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1495049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1495049"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1495049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}