Press Releases

Congressman Troy Balderson today cosponsored the Putting Investors First Act, legislation aimed at ensuring pension funds put the financial interests of investors ahead of woke initiatives. 

H.R. 9527 reins in proxy advisors and limits their influence over American corporate governance. In the last two years, the Biden Administration has reversed critical proxy advisory firm reforms, resulting in reduced oversight, accountability, and transparency. 

Americans rely on institutional investors to manage their retirement savings and, in turn, institutional investors often rely on a small number of "proxy advisory firms" for recommendations on how to vote regarding the shares under their control.

"Reckless Washington D.C. spending has already wreaked enough havoc on Americans' retirement savings," said Rep. Balderson. "This effort ensures that your pension fund is putting YOUR financial interests ahead of woke initiatives."

“The Woke Left is using your retirement funds to advance their radical agenda,” said Rep. Bryan Steil, the legislation's primary sponsor. “This puts a stop to the Left’s woke attack on American capitalism. Americans are already seeing their retirement savings shrink because of Washington’s reckless spending. We need to empower investors, restore transparency and accountability, and enhance competition.”

Earlier this year, the Security and Exchange Commission dismantled transparency and accountability safeguards adopted in 2020. This move has paved the way for unaccountable proxy advisory firms to become the preferred vehicle for special interests to achieve their policy objectives and cancel dissenting voices.