Rep. Andy Biggs (R-AZ) has introduced legislation to protect American investments from destructive woke policies forced upon them by the Biden administration.
The Stop Woke Investing Act will protect Americans from ESG (environmental, social and governance) policies put forth by the Securities and Exchange Commission (SEC) and prevent the SEC from empowering woke activists.
“Businesses should not be enslaved by the infiltration of woke activists,” Biggs said in a statement issued to Breitbart News. “Congress must continue fighting the weaponization of the Harris-Biden regime and its push to radicalize Americans’ day-to-day lives.”
The SEC governs the content of public shareholder ballots and has broad power to influence what ballots a public company must include or exclude. In November 2021, the SEC issued a bulletin including a “significant social policy exception” that effectively forces businesses to include shareholder ballots that do nothing but serve a social agenda unrelated to financial performance.
Biggs’ bill would require shareholder ballots to be material to the financial and business operations of a company, empowering businesses to avoid frivolous and “woke” policies that the Biden administration’s SEC has enabled.
ESG investing emerged as a tool for large financial investing firms to push companies to adopt leftist positions such as policies regarding climate change, diversity requirements, and racial justice, that they would otherwise not adopt. Opposition has increased as studies show ESG funds not only underperform financially compared to other funds — while also charging higher fees — but also probably don’t help the environment or labor conditions.
Biggs’ legislation is a companion to a Senate bill introduced in November 2023 by Sen. Eric Schmitt (R-MO).
“Woke activism has no bearing on the fiduciary duties of a company and has no place in the corporate boardroom – the SEC shouldn’t be used as a political weapon by the Biden administration to browbeat corporations into woke investing,” Schmitt said in a press release announcing the bill’s Senate introduction. “The Stop Woke Investing Act will restore fiscal sanity and ensure that companies are focused on financial returns to their customers and shareholders, not on ESG quotas.”
Most members of Congress take a break from sending letters and introducing legislation during long Congressional recesses, but that has never been Biggs’ style. By introducing the legislation before this Congress adjourns, Biggs is setting a marker for future legislative action if Republicans keep the House and gain Senate control.
Reports indicate Donald Trump would roll back the damaging SEC rule if he returns to the White House.
Bradley Jaye is a Capitol Hill Correspondent for Breitbart News. Follow him on X/Twitter at @BradleyAJaye.
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