EXCLUSIVE: Retirement plan sponsors and investment advisors are being put on notice over prioritizing politically motivated and socially driven investment allocations.
On Friday, Rep. Andy Barr (R-KY) and Rick Allen (R-GA) will introduce the Ensuring Sound Guidance (ESG) Act intended to protect investors who prioritize environmental and social goals over returns.
“Asset managers should be in the business of maximizing returns for investors, not pushing their own political agenda at the expense of every day Americans. Our bill protects average Americans saving and building wealth through retirement plans” said Congressman Andy Barr (R-KY), who serves as a senior member on the House Financial Services Committee in a statement to FOX Business.
|STT||STATE STREET CORP.||88.05||+0.60||+0.69%|
|TROW||T. ROWE PRICE GROUP INC.||146.99||+1.84||+1.27%|
|JPM||JPMORGAN CHASE & CO.||140.15||+1.75||+1.26%|
|GS||THE GOLDMAN SACHS GROUP INC.||343.27||+2.51||+0.74%|
The bill also lends support to U.S. energy producers as consumers grapple with sky-high energy costs.
“It also preserves access to capital for energy producers to ensure costs won’t skyrocket further for Americans at the pump during a time when gas prices are at a historic high” Barr noted.
Gasoline prices, per AAA, are hovering just under $4.30 per gallon as U.S. crude hovers over $100 per barrel after hitting $130 last week.
Separately, today the chairman of the House Natural Resources Committee is asking the CEOs of three major energy companies to testify, as Democrats in Congress and the White House seek to blame the ongoing surge in gas prices on Russian President Vladimir Putin and oil firms.
|EOG||EOG RESOURCES INC.||116.83||-0.96||-0.82%|
|OXY||OCCIDENTAL PETROLEUM CORP.||56.72||-1.28||-2.21%|
|DVN||DEVON ENERGY CORP.||57.52||+5.06||+9.65%|
CEOs of EOG Resources, Devon Energy Corporation and Occidental Petroleum are being summoned to an April 5 hearing.
|XOM||EXXON MOBIL CORP.||78.98||+2.05||+2.66%|
|PXD||PIONEER NATURAL RESOURCES CO.||241.39||+11.08||+4.81%|
While the House Energy and Commerce Committee also asked executives at BP, Chevron, Devon Energy, ExxonMobil, Pioneer Natural Resources and Royal Dutch Shell to testify April 6.
FOX Business’ Paul Connor contributed to this report.