On Friday, Rep. Roy (TX-21) was joined by 7 Republican colleagues in introducing the “No ESG at TSP Act” to prevent the federal Thrift Savings Plan (TSP) from allowing taxpayer dollars to flow into woke ESG funds.
The No ESG at TSP Act would prohibit TSP from allowing participants to invest their retirement savings into funds that make investment decisions based on environmental, social, governance, or political criteria. TSP is the largest defined contribution plan in the world and benefits federal employees and servicemembers.
Next month, TSP plans to allow certain participants to invest in ESG funds. This means taxpayer dollars – in the form of withholdings from federal employee and servicemember paychecks and their corresponding agency matches – will be used for ESG investing.
“ESG investing is a woke scam. It restricts the free flow of capital, undermines U.S. energy freedom to the benefit of our enemies, and advances woke racial and gender ideologies intent on dividing the republic,” Rep. Roy said of the bill. “The upcoming changes to TSP would allow billions of taxpayer dollars to serve these ends. The federal government shouldn’t have any part in this radical nonsense, and especially shouldn’t be using your money to do it.”
The bill’s cosponsors include Reps Rob Good (VA-5), Bill Johnson (OH-6), Michael Cloud (TX-27), Louie Gohmert (TX-1), Ted Budd (NC-13), Mary Miller (IL-13), and Bill Posey (FL-8).
Supporting organizations include the Texas Public Policy Foundation and Citizens for Renewing America.
Full text of the bill can be found here.