Corporate America's shareholders are frequently pressured to accept and impose "woke" policy proposals for their companies, which Representative Andy Biggs (R-AZ) has sought to curb in a new piece of legislation named the "Stop Woke Investing Act."
As Rep. Biggs explained, the Securities and Exchange Commission (SEC) can make policy proposals to public company shareholders. Because the Biden-Harris Administration is in charge, they have been pushing Environmental Social Governance (ESG) and Diversity, Equity, and Inclusion (DEI) policies onto corporations that often have little to do with their intended purpose and "are detrimental to a company's financial responsibilities to their shareholders."
"Kamala Harris and Joe Biden have weaponized every aspect of the federal government to punish those who refuse to cower in the face of their radical priorities," Rep. Biggs's press release added condemningly.
As a result, the Arizona Congressman's "Stop Woke Investing" Act would allow businesses to reject these policy proposals and limit the number of proposals upon which shareholders can vote to implement, thereby encouraging the priority of the company's continued financial success and interests of the shareholders.
"Woke activism shouldn't be placed ahead of the profitability of a public company. Businesses should not be enslaved to radical ESG priorities that pull attention away from their fiduciary responsibilities. Focusing on woke policies only serves to harm businesses, investors, and the American economy. Congress must continue fighting the weaponization of the Harris-Biden regime and its push to radicalize Americans' day-to-day lives," said Biggs in his press release.
Senator Eric Schmitt (R-MO) has introduced a companion bill to the Senate.
At the end of August, fellow Arizona Republican Representative Eli Crane (R-AZ) and Florida Representative Matt Gaetz (R-FL) sent a letter to Secretary of Homeland Security Alejandro Mayorkas and U.S. Coast Guard (USCG) Commandant Linda Fagan calling for the end of DEI principles in the Coast Guard amidst a recruiting crisis and the decommission of multiple ships, pointing to the introduction of a "Sexual Orientation and Gender Identity" (SOGI) program as an example of the USCG's skewed priorities.
