A Republican congressman aims to curb so-called “woke investing” by forcing pension funds to focus purely on profits — even as a conservative group accused pension managers of “playing politics” with Americans’ savings.
US Rep. Andy Barr (R-Ky.) is to introduce a new bill to force retirement funds to concentrate on maximizing returns rather than environmental, social, and governance targets, more commonly known as ESG.
The law, dubbed the Ensuring Sound Guidance Act, would not ban the investments outright but would demand that firms disclose any difference in fees and returns between an ESG-linked fund and a rival index.
Andy Barr, a Republican Congressman representing Kentucky, said pension funds should not play politics with the savings of ordinary Americans. CQ-Roll Call, Inc via Getty Images
Sources close to the GOP lawmaker, a senior member of…
