Sens. Mike Lee (R-UT) and Rick Scott (R-FL) introduced the No ESG at TSP Act, crucial legislation to safeguard taxpayer dollars from ideologically driven investment funds. Representative Chip Roy (R-TX) introduced a companion bill in the House of Representatives. The bill addresses the growing concerns surrounding Environmental, Social, and Governance (ESG) initiatives, which pose risks to our domestic energy supply and promotes divisive ideological agendas.
The Thrift Savings Plan (TSP) manages approximately $817 billion in total assets, making it the largest defined contribution plan globally. The majority of TSP contributions come from withholdings from federal employees or servicemembers paychecks and their respective agency matches. However, allowing billions of taxpayer dollars and agency matches to be used for ESG investments inadvertently endorses ESG policies.
The bill directs TSP to develop a process to identify and remove funds violating the act’s provisions. Participants who have invested in prohibited funds at the time of the bill’s enactment will have the opportunity to reinvest their assets. If a participant fails to reinvest, TSP will reallocate the assets to a core fund. The No ESG at TSP Act empowers participants or beneficiaries to bring a civil suit against TSP if it violates the act, ensuring accountability and the protection of taxpayer funds.
Of the bill, Sen. Lee said, “This vital piece of legislation fights back against the destructive influence of ESG investing. This investing scheme, championed by woke corporations and facilitated by the Biden Administration, aims to undermine reliable American energy and advance radical ideologies, including the Administration’s political agenda. It is unacceptable for taxpayer funds to be channeled into these woke scams. Congress must take a stand and eliminate federal policies that promote this detrimental agenda. Together, we can protect our energy sector, reject divisive ideologies, and ensure the financial well-being of hardworking Americans.”
Of the bill, Rep. Chip 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.”
For full bill text, click HERE.
Original source can be found here.
