AMAC in the Media

AMAC Supports Bill to Protect Seniors from “Woke” Investing

Posted on Friday, February 10, 2023
AMAC Action

This bill helps to increase operational transparency for proxy advisor firms to avoid undue influence towards ideologically driven Environmental, Social and Governance (ESG) funds. The legislation defines reasons why a proxy advisor firm may suffer censure, denial, or suspension of their registration based on violations of the law and specific prohibited acts and practices.



February 10, 2023
The Honorable Bryan Steil
1st Congressional District of Wisconsin
1526 Longworth House Office Building
Washington, DC 20515

Dear Congressman Steil,

On behalf of the 2.1 million members of AMAC, the Association of Mature American Citizens, including over 6,300 members in WI-01, I write to convey our strong support for H.R. 448, the “Putting Investors First Act of 2023”.

In a February 2019 letter from Nasdaq and 300 additional signatories to Jay Clayton, then serving as the Chairman of the Securities and Exchange Commission (SEC), the first concern raised identified the obvious conflict of interest that exists within the proxy advisor paradigm regarding company governance. In this case shareholders, especially senior Americans who have dedicated their 401(k) and other savings vehicles to investment advisor firms, allow these firms to direct their financial success depending on, and putting faith in, the fiduciary responsibility investment advisors must perform in a manner that affirms the best interest of the shareholder. That “best interest” is in part informed by the influence of proxy advisor companies. These proxy advisor companies not only inform investment advisors, but also the boards and leadership cadres of companies; and therein lies the conflict of interest. They may influence company
leadership to follow a path, and then advise investment advisors to vote in support of that path. In this case, that path itself is one of “woke”-driven Environmental, Social and Governance (ESG) ideology.

Your bill will help ensure that proxy advisor firms are held accountable for their advice by causing them to register with the SEC and compelling the disclosure of eight required elements of information designed to increase transparency in their operations. The legislation continues to define reasons why a proxy advisor firm may suffer censure, denial, or suspension of their registration based on violations of the law and specific prohibited acts and practices. An annual report and specific transparency policies, especially with respect to ESG-related funds, will be required as well with reports that address compliance. To ensure that the safety and security of senior Americans retirement funds are protected by people instead of machines, “robovoting” is defined, and prohibited with respect to proxy voting.

AMAC thanks you, Representative Steil, and your cosponsors, for demonstrating how to support and defend the Constitution by exercising the oversight allowed by Article 1, Section 8; and protecting the hard-earned savings of American seniors from “woke” ideology, and thereby, financial hardship should those investments suffer.

Bob Carlstrom
AMAC Action

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1 year ago

Thank you for helping to keep things transparent and honest. This is why I’m a Life Member of Amac,

David Millikan
David Millikan
1 year ago

Thank you AMAC for looking out for us Seniors.

Michele Tracy
Michele Tracy
1 year ago

This law should apply to public and union “managed” pension funds as well…especially CA.

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