Press Releases

WASHINGTON—Today, the House passed the Protecting Prudent Investment of Retirement Savings Act, legislation led by Rep. Rick Allen (R-Ga.) to protect American workers’ retirement savings from being diverted to advance political causes unrelated to financial performance.

House Republican Conference Chairwoman Lisa McClain (R-Mich.) and Rep. Allen released the following statements:

“House Republicans believe your retirement fund should be used for your retirement, not as a political statement from woke Wall Street,” Chairwoman McClain said. “Workers and seniors earn every dollar they save. That money should be invested to grow their future retirement income, not to bankroll radical agendas.”

“Passage of the Protecting Prudent Investment of Retirement Savings Act delivers a significant win for retirees and families across the country. Under the Biden-Harris Administration, Americans’ hard-earned savings were put at risk for the sole purpose of appeasing left-wing environmentalists through risky ESG funds. Those days are over. H.R. 2988 ensures that retirement plan sponsors make investment decisions exclusively based on economic factors and financial returns – protecting the retirement security of those saving for a brighter future. I am grateful to Chairman Walberg, Speaker Johnson, and all of my colleagues for their support and am hopeful the Senate will move swiftly in sending this bill to President Trump’s desk,” Rep. Allen said.

The bill requires retirement plan managers to base investment decisions solely on economic factors that maximize returns for workers and retirees. The bill prevents fiduciaries from using Americans’ hard-earned retirement savings to promote environmental, social, and governance political agendas instead of focusing on long-term financial growth.