Texas Insider Report: WASHINGTON, D.C. — "Americans deserve assurance that their retirement savings are being invested in the most fiscally responsible ways. Instead investment fund managers are using the retirement savings of federal employees to push ESG and DEI agendas that conflict with their investors’ interests," said Texas Sen. Ted Cruz, as he introduced his 2-page "Stop TSP ESG Act" legislation to prevent professional asset managers who manage Federal Employee Retirement Funds from using those taxpayer dollars to push Environmental, Social & Governance (ESG,) and Diversity, Equity & Inclusion (DEI) policies through corporate shareholder votes.
"The Stop TSP ESG Act would end that practice and restore accountability, and I urge my colleagues to pass it expeditiously." Sen. Cruz said.
The retirement savings program for U.S. government employees is the Thrift Savings Plan (TSP), which holds over $1 trillion in assets and in which the core mutual funds are managed primarily by BlackRock Capital Advisers and State Street Global Advisors, which use their TSP holdings to exert proxy voting power to push ESG and DEI policies.
- Read the bill text here.
