Washington Update
Delivering Transparency for the American People
Since President Biden took office, he has taken a number of executive actions that have exacerbated inflation and led to skyrocketing prices. The paychecks of hardworking Americans aren’t going as far as they did two years ago. I constantly hear from Arkansans that they are feeling the pinch of higher prices from the grocery store checkout line to the gas pump to the bill they pay to keep their house warm. The administration continues to push harmful economic polices without any accountability or transparency measures in place, and it is high time for that to change. That’s why I voted to pass the Reduce Exacerbated Inflation Negatively Impacting the Nation (REIN IN) Inflation Act. This bill would require the administration to prepare a report including the inflationary effects for any executive action with an estimated impact of at least $1 billion. The White House would then have to report these findings to Congress each year. At the beginning of this Congress, my Republican colleagues and I made a commitment to America that we would fight for an economy that’s strong and a government that’s accountable. With the passage of the REIN IN Inflation Act, we are doing just that by forcing the administration to confront the economic realities of its actions on families and small businesses while delivering much-needed transparency for the American people.
Protecting Retirement Savings
This week, I voted to pass a joint resolution to protect retirement savings from left-wing ideology. The joint resolution nullifies the Biden Administration’s damaging rule that allows retirement plan fiduciaries to consider environmental, social, and governance (ESG) factors when investing and exercising shareholder rights. When it comes to making investment decisions, a fiduciary’s focus should solely be on maximizing retirement savings rather than sacrificing returns for a political agenda. ESG-focused funds typically charge higher fees to participants, have a history of poor performance, and expose investors to more risk, all of which can jeopardize the financial security of retirees. The Department of Labor rule allows for savings to be placed into an ESG investment without prior consent of the employee and for ESG factors to be the tiebreakers between investments. Playing such games with an employee’s hard-earned money should never be the norm. My colleagues in the Senate agreed that we needed to block this detrimental rule and voted to pass the resolution on a bipartisan basis. It will now go to the President’s desk for him to sign. Unfortunately, President Biden made clear earlier in the week that he would use his first veto as President to strike down this resolution. Rest assured, I will continue to work with my Republican colleagues to protect retirement accounts and ensure they remain free from undue political influence.
Some picture highlights from the week:
Ensuring students are prepared to move from one grade to the next is a top priority of mine. Arkansas PBS is at the forefront of this mission by providing access to education programs during the summer. It was great to hear an update on this initiative and other exciting new projects, like the documentary on the creation of the new Statuary Hall Collection statues for the state, Arkansas legends Johnny Cash and Daisy Bates.
This week, I was pleased to meet with the Arkansas Broadcasters Association. We discussed the reintroduction of my bill, the Local Radio Freedom Act, which ensures local radio stations aren’t penalized with additional fees or taxes for the music played during broadcast. As a former broadcaster, I understand the vital role local radio plays in the lives of Arkansans and Americans and will work to protect the viability of these small businesses.
Empowering individuals through education helps our communities thrive. I was pleased to welcome Goodwill Industries of Arkansas to talk about how their Excel Center model, a tuition-free, adult high school, equips people with the education needed to succeed.
I appreciated Lisa Kirchner and Margaret Wright traveling from Springdale to my D.C. office to talk about their work as members of the National Association of Benefits and Insurance. We spoke about the cost of healthcare coverage, employer reporting, and Medicare requirements.
Thanks to Abel, Samantha, and Brookland Solis of Rogers and Teri Cheney for stopping in for a Capitol tour. Fun fact – Abel served with me in the National Guard! I hope you enjoyed your visit and time in Washington. Safe travels back to the Natural State!
Wishing you a great weekend ahead! Be sure to check out my website, Twitter, and Instagram pages to stay up-to-date with the latest news from my office. |