Today, Oversight and Investigations Subcommittee Chairman Bill Huizenga (MI-04) appeared before the House Committee on Rules to testify in support of H.R. 4790, the Prioritizing Economic Growth Over Woke Policies Act.
H.R. 4790 is a reflection of the combined efforts of Subcommittee Chairman Huizenga and Reps. Bryan Steil (WI-01), Ralph Norman (SC-05), and Barry Loudermilk (GA-11) to strengthen the financial system, preserve the dominance of U.S. capital markets, and protect the financial interests of investors and retirement savers from radical ESG initiatives.
Huizenga began his testimony by stating: “Chairman Burgess, Ranking Member McGovern, and Members of the Rules Committee, I appreciate this opportunity to testify on H.R. 4790, the Prioritizing Economic Growth Over Woke Policies Act."
He continued: “To ensure our financial system remains the envy of the world, we must promote sensible policies that encourage innovation, improve access to investment opportunities, and foster economic growth."
Huizenga criticized current administration policies: “However, under the Biden-Harris administration, supposedly independent agencies have been hijacked to push through a partisan environmental, social, and governance—or ESG—agenda.”
He added: “Unelected bureaucrats have hijacked and overhauled the public company shareholder proxy process, adopted rules and guidance that exceed their statutory authority... rogue Democrat-appointed regulators are forcing companies to waste their limited time and resources on ESG mandates that have little to do with a firm’s financial performance.”
Huizenga argued these measures do not benefit various stakeholders: “It certainly doesn’t benefit our banking system or capital markets. Nor does it help consumers, workers, job creators, everyday investors or retirement savers.”
The congressman emphasized Republican opposition: "That’s why House Republicans are fighting back with H.R. 4790... This bill is almost two years in the making. It’s the product of a collaborative process that included almost every single Republican on the Financial Services Committee."
Detailing legislative efforts he noted: “Last February... Chairman McHenry formed Committee Republicans’ ESG Working Group... Through numerous meetings with stakeholders... drafted dozens of bills... These efforts culminated in a markup of four legislative packages in the Financial Services Committee.”
Summarizing his stance against current regulatory practices Huizenga said: "Under the Biden-Harris Administration... rogue regulators are weaponizing independent agencies to pursue [ESG] objectives at the expense of our financial system."
He concluded by underscoring H.R. 4790's goals: "It will prevent regulatory overreach... reform SEC’s proxy voting process... block regulators from injecting ESG initiatives into our financial system..."
Huizenga closed his testimony thanking committee members for their attention.
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