Weekly Rundown
Environmental, Social, and Governance (ESG) has been a hot topic in Washington because it places the left’s burdensome regulations on American companies.
I want you to be informed on this controversial issue, as it could impact your finances and retirement accounts. Read my in-depth take on ESG below.
The ESG Scam
Environmental, Social, and Governance (ESG) is another way for Democrats to force their radical policies on our country. ESG is a set of criteria for financial institutions developed by non-financial activists and used to determine a corporation’s social responsibility. Codifying its use has been a key priority for both House and Senate Democrats and the Biden Administration.
The three principles of ESG impose the left’s ideologies on businesses and organizations. They include matters relating to sustainability, pollution, climate change, diversity and inclusion, social justice, and compensation. All these factors are included in the assessment of a company’s social responsibility under ESG.
To be clear, I have no problem with people weighing these factors when determining which investments are best for them and their families. However, I am ardently opposed to the Biden Administration’s attempts to mandate the use of ESG. Requiring its use, and indirectly pressuring the ESG rating companies, distorts the market, and will lead to bad outcomes for individual investors. The use of these mostly subjective ESG factors could harm your retirement accounts and affect your family’s financial well-being.
Earlier this year, the Department of Labor (DOL) issued a rule, which took effect January 30, 2023, that allows plan fiduciaries to prioritize ESG factors over maximizing financial returns. The rule goes beyond allowing ESG investing. It allows plan managers to make ESG-driven funds the default option for workers automatically enrolled in their retirement accounts. In response to this new rule, Rep. Andy Barr introduced a resolution to nullify the rule instated by the DOL. On February 28, 2023, the House passed this resolution with my strong support by a vote of 216-204. Unfortunately, President Biden vetoed this resolution, keeping the rule in place. Regardless, I will continue to oppose this rule and its harmful effects that the Administration continues to ignore.
The House Committee on Financial Services created the ESG Working Group to combat the further dissemination of ESG principles on financial institutions. The primary objectives of the Working Group are to investigate the implementation of a partisan and far-left agenda on investors and determine policies that safeguard investors and capital markets. I fully support the efforts of this Working Group to ensure financial institutions are protected from reckless policies.
Blinded by the left’s out-of-touch agenda, the Biden Administration fails to recognize how ESG can be dangerous for individual investors and their families who rely on capital markets to ensure financial stability now and in retirement. Rest assured, I will continue to support policies that encourage our free market, free of partisan politics in corporate boardrooms. This is vital to the prosperity of both Arkansas’ Third and our nation’s great economy.
Protecting Hunting Heritage and Education
In June, the Biden Administration wrongfully decided to eliminate funding for longstanding shooting sport activities in schools, like archery and hunter education classes, because of their misinterpretation of the Bipartisan Safer Communities Act that was signed into law last year.
As Arkansans know, these enriching activities are at our schools to support safe and healthy students. Shooting sport gives young people a chance to be a part of a team, discover a passion, compete, learn proper firearm safety, make friends, and much more, all to benefit the students’ classroom engagement, mental health, and future success.
This interpretation of the bill text is plain wrong, and I was glad to support a letter and a bill in attempt to keep this important funding for our students.
- Sent a letter to Education Secretary Cardona with my House Republican colleagues opposing the Department of Education’s decision to withhold funding for archery and hunter education activities in schools.
- Cosponsored H.R. 5110, the Protecting Hunting Heritage and Education Act, to clarify that the prohibition on Elementary and Secondary Education Act funding from helping provide training in the use of a dangerous weapon does not apply to training students in hunting, archery, or other shooting sports.
Nationwide, there are roughly 1.3 million kids in 900 schools across 49 states, including the Natural State, that participate in these kinds of programs. I will continue to be a strong advocate for our young people in Washington.
Arkansas: Home to growth and innovation
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Arkansas’ Third is a hub for innovation and entrepreneurial excellence. It’s no surprise that the University of Arkansas, in the heart of the district, has positioned itself to be the preeminent university research location for microelectronics. I was proud to attend the CHIPS AMERICA event on Thursday to hear from industry experts on issues that are important to America’s economy and national security.
For quite some time, our nation has led design innovation of chip components, but our adversaries abroad, like the CCP, are quickly gaining momentum and dominance in this critical industry. In response, the university has partnered with local, state, and federal leaders like me, to not only make sure America is kept in the game, but ensure we gain an edge over our competitors.
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I’m grateful for the bright minds across Arkansas’ Third, with a proven track record of success, who continue to make the Natural State home to growth and innovation important to our region, country, and world.
Read more from the Northwest Arkansas Democrat-Gazette here, 5 News here, and Arkansas Business here.
More from Around the District
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The entrepreneurial spirit throughout Northwest Arkansas attracts business opportunities from around the globe. This week folks from the Arkansas business community and I welcomed our Canadian friends to Arkansas’ Third for the Ontario-Arkansas Trade Mission to show them why NWA is a place for growth and opportunity. A former mayor like myself, Ontario’s Minister of Economic Development, Job Creation, and Trade—Vic Fedeli—is looking to increase trade between our regions from $1 billion to $3 billion by 2027. Through our continued partnership, I hope to make this goal a reality!
Read more from Talk Business here and 5 News here.
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John VanGorder made VanHearron’s first product in a bucket he bought from the local Yeager’s and mixed it on the back of his truck using water from a garden hose. Nearly 20 years later, this American owned and operated family business manufactures, packages, and distributes floor cleaners, sealants, and car cleaners across the country. Companies like VanHearron make a tremendous impact on our community and economy. I appreciate John and his wife Donna for taking the time to show me how they operate their business.
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It always brings me joy to spend time with the young people of AR-3 to share the importance of public service and taking good care of themselves as they chart the course of their futures. After all, they are our next generation of leaders. As Greenwood Bulldogs know, mediocracy is unacceptable. Thanks to Mr. Post at Greenwood High School for allowing me to visit with his 9th grade civics students!
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The River Valley is home to exciting growth. I was glad to join the Fort Smith Regional Alliance at the new Peak Innovation Center to talk about what’s happening in the region, from the Foreign Military Sales mission at Ebbing Air National Guard Base to the expansion of I-49.
Read more from the Northwest Arkansas Democrat-Gazette here.
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It was great to meet AARP Arkansas’ state director Ashley McBride, along with some of the volunteers, including Pat Parish of Farmington. They shared with me issues they are facing and some of their legislative priorities. Conversations like this help me better represent the folks of Arkansas’ Third.
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As a longtime fan of House of Webster’s wide range of delicious products, it was great to tour their facility and hear about their rich history and continued growth worldwide. They’re coming up on 90 years in business! I always make sure to have jams, jellies, and butters while I’m in DC. I like to give them to my colleagues, whether it be a birthday or thank you gift, so they can get a taste some Arkansas-made products.
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In this day in age, information is blasted from Washington with catchy headlines and minimal explanation of the truth. I like to take my time in the district to give my honest, firsthand opinion on what’s happening in Congress to the people of Arkansas’ Third. With the Rogers-Lowell Chamber of Congress, I ran through the appropriations process and the slate of programs that are set to expire by the looming end of the fiscal year. These issues are important to us all, and I want to make sure the people I represent are updated.
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Founded by engineers, RCAL Products in Prairie Grove offers computer, electrical, and mechanical design services, leveraging their engineering skills to effectively manufacture. We discussed how they recruit employees from robotics teams at schools, as well as some issues facing their industry. I appreciate learning about how these people work hard to make everything in our lives function efficiently around us—everything from pulsing break lights to chicken house dimmers to devices for helicopters and military equipment.
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One of the highlights of my week was stopping by classrooms at Farmington Junior High. I dropped into Coach Finley’s 7th grade classroom and Mrs. Bailey’s 7th grade keyboarding class. I made sure to tell them an important life lesson: The most dangerous key on the keyboard is “enter” because once you hit send, there’s no taking it back! It’s important for America’s next generation to learn to be mindful and think things through before reacting, or “hitting send” in life. Thanks to Superintendent Jon Laffoon for showing me around!
Apply for the 2023 Congressional App Challenge!
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The beginning of the school year marks the start of new opportunities. As our classrooms fill with the best and brightest, I know creative minds are thinking of the next winning app. The Congressional App Challenge is an annual competition hosted by the U.S. House of Representatives, encouraging students from each of our districts to submit original apps for a chance to win and have their app displayed in the Capitol for one year. The goal of this challenge is to inspire our young people to pursue careers in computer science.
Spread the word to Arkansas’ Third middle and high school students to enter the 2023 Congressional App Challenge! For more information and to apply, click here.
I look forward to another week full of district events. I hope you have a great weekend ahead, and I hope to see you around Arkansas! Be sure to check out my website, Twitter, and Instagram pages in the meantime.
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