Sustainable Investment Caucus Statement on FSGG Appropriations Legislation
WASHINGTON, D.C. (November 8, 2023) – Congressional Sustainable Investment Caucus co-chairs Juan Vargas (CA-52) and Sean Casten (IL-06) have released the following statement urging Members to vote against the FY 2024 Financial Services and General Government Appropriations bill:
“From stripping funding that allows the US to develop climate reporting rules to anti-ESG restrictions on the retirement savings of federal employees, House Republicans are once again attempting to legislate away key free market principles that serve as the backbone of the American economy,” said Reps. Vargas and Casten “Congress has a duty to craft policies that provide investor protections and transparency of information to market participants. The FSGG appropriations bill under consideration by the House does not fulfill that duty, and we urge our colleagues to vote against this legislation that is littered with anti-ESG attacks.”
Reps. Vargas and Casten, as well as Sustainable Investment Caucus member Seth Magaziner (RI-02), introduced amendments to the legislation that would address some of the most egregious anti-ESG provisions.
Rep. Vargas’ amendment prevents the implementation and enforcement of any rule or statute that places undue restrictions on proxy advisory firms’ ability to provide timely voting advice to their investors.
Rep. Casten’s amendment strikes Section 550, which prohibits the SEC from finalizing or implementing rulemaking related to enhanced climate disclosures that would require public companies to disclose climate-related information in their SEC filings.
Rep. Magaziner’s amendment strikes Section 633, which prohibits the Securities and Exchange Commission from undertaking a political spending disclosure rulemaking.
“Dark money has no place in our democracy, and the American people deserve to know which corporations and special interests are funneling millions of dollars to influence elections and policymaking,” said Representative Seth Magaziner. “These amendments will ensure stakeholders and the American people know where their money is going, and whether it is fueling political activities including election denialism, environment degradation, or draconian abortion restrictions.”
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Congressman Vargas represents California’s 52nd Congressional District which includes portions of San Diego County, and a portion of California’s U.S.-Mexico border. Vargas was first elected to the U.S. House of Representatives in 2012 and is currently serving his sixth term in Congress. He serves on the House Financial Services Committee.