WASHINGTON, DC — On Tuesday, Representative Chip Roy (TX-21) led 17 Republican of his colleagues in re-introducing the “No ESG at TSP Act.” This legislation would prevent the federal Thrift Savings Plan (TSP) from allowing taxpayer dollars to flow into woke Environmental, Social, and Governance (ESG) funds.
ESG investing poses a dangerous threat to the free flow of capital. The movement is actively threatening our domestic energy supply, empowering activist shareholders, and advancing woke gender and racial ideologies.
Representative Roy said, “ESG is an investing scheme woke corporations are using to appease the Left by destroying reliable American energy and advancing radical gender and racial ideologies.
Last year, the Thrift Savings Plan began allowing federal employees to invest their taxpayer funded salaries into ESG plans.
The U.S. Government has no business propping up woke scams like ESG. Congress should eradicate every federal policy and office that promotes it, starting here.”
The “No ESG at TSP Act” would prohibit TSP from allowing federal employees to invest their taxpayer-funded salaries into funds that make biased investment decisions based on ESG criteria.
TSP currently manages about $817 billion in total assets, making it the largest defined contribution plan in the world. The vast majority of TSP contributions stem from withholdings from federal or servicemember paychecks and their respective agency matches. That means TSP is effectively allowing billions of taxpayer dollars to be used for ESG investing.The “No ESG at TSP Act” would stop this.
The bill’s cosponsors include Dan Bishop (NC-8), Troy E. Nehls (TX-22), Brian Babinn (TX-36), Byron Donalds (FL-19), Dan Crenshaw (TX-2), Scott Perry (PA-10), Bob Good (VA-5), Michael Cloud (TX-27), Buddy Carter (GA-1), Andy Ogles (TN-5), Matt Rosendale (MT-2), Randy Weber (TX-14), Andy Biggs (AZ-5), Keith Self (TX-3), Glenn Grothman (WI-6), Lauren Boebert (CO-3), and Josh Brecheen (OK-2).
Supporting organizations include FreedomWorks, Texas Public Policy Foundation, and Citizens for Renewing America.
Read the full text of the legislation here.