Virginia Foxx

Ms. FOXX

Ms. FOXX. Mr. Chair, I yield myself the balance of my time to close. Mr. Chair, I indicate to my friends and colleagues that we have an opportunity in the bill before us today to make a strong stand for free speech. This bill does not mandate any political viewpoint or ideology. It simply demands, from the accreditation process down to the classroom, that all levels of postsecondary education respect the free speech rights of students. Postsecondary education should empower students to discover truth and think critically. American universities risk losing sight of this core mission by refusing to engage with certain viewpoints. The End Woke Higher Education Act will restore the essential freedoms that make our universities the global leaders of open debate and intellectual growth, ensuring that the next generation of Americans can think for themselves and engage in the pursuit of truth. Mr. Chair, I yield back the balance of my time.

Ms. FOXX

Ms. FOXX. Mr. Speaker, pursuant to House Resolution 1455, I call up the bill (H.R. 5339) to amend the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors, and for other purposes, and ask for its immediate consideration in the House.

Ms. FOXX. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and to insert extraneous material under H.R. 5339.

Ms. FOXX. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise today in full support of the Republican fight against the woke, progressive agenda. The Committee on Education and the Workforce is proud to lead debate on the Protecting Americans' Investments from Woke Policies Act, or H.R. 5339, a bill that would confront and dispatch one of the most nefarious and hidden forms of wokeness. Wokeness comes in all shapes and sizes. It is a problem when it is pushed at your local public school. It is an existential threat to the country when it is pushed by the institutions that police how we think, what we say, and where our money goes. Wokeness destroys everything it touches, including the value-neutral institutions that America used to take for granted. First, wokeness conquered academia. Then, it conquered the media. The final frontier of the woke mind virus is the banks and capitalism itself. You may say, what? Banks are woke? They are driven by things like profit motive and the markets. Well, we need to think again. Under the guise of a practice known as environmental, social, and governance investing, or ESG for short, banks are responsible for woke social engineering on a scale that history's authoritarians could only dream of. In essence, a big bank or asset manager will take your hard-earned pension or 401(k) and invest it in radical, progressive causes. These ESG funds exclude businesses deemed insufficiently woke. What may disqualify a company from receiving woke capital is including, but not limited to, too many White, straight men on the board, too much profit in the oil and gas industry, or too many politically incorrect takes by your CEO on X, formerly known as Twitter. That the S&P 500's ESG index delisted a green company like Tesla only proves the point that ESG is nothing but a woke power grab. Concerns about the environment are secondary to enforcing bland, progressive conformity. What is more, ESG factors guide about one- fourth of all assets under management, or $30 trillion. Yet, these funds underperformed when compared to their conventional peers. Take this from the Financial Times: ``Over the past 12 months, global sustainable equity funds made an 11 percent return, compared with 21 percent for conventional stock funds, according to a May report from JPMorgan.'' Sacrificing pensions and retirement income for woke impact should be illegal. This legislation makes it clear that other people's retirement income may not be sacrificed for woke impact. Pensioners forged the infrastructure that powers modern American cities. Pensioners built the industries that make America great. Pensioners put their life and work into this country, and they don't want their hard-earned nest egg deflating because its principal is serving political causes. I especially thank Representative Allen from Georgia, Representative Houchin from Indiana, Representative Good from Virginia, and Representative Banks from Indiana for leading this charge on behalf of pensioners and retirees. The Protecting Americans' Investments from Woke Policies Act is a product of their hard work, and it is the necessary first step toward making ESG investing illegal under certain retirement plans. Mr. Speaker, I urge a ``yes'' vote on H.R. 5339 and reserve the balance of my time.

Ms. FOXX. Mr. Speaker, I yield 3 minutes to the gentleman from Georgia (Mr. Allen).

Ms. FOXX. Mr. Speaker, I yield myself such time as I may consume. My colleagues on the other side of the aisle have made many claims about the supposed advantages of ESG, just now saying that ESG funds tend to do better. Well, let me set the record straight. ESG funds have underperformed for years. According to a Bloomberg report, the 10 largest ESG funds posted double-digit losses in 2022, and 8 of the 10 performed worse than the S&P 500. It is no surprise that in 2023, according to The New York Times, investors pulled $13 billion out of ESG funds. Another study from Boston University found there is little reason to infer that ESG criteria is reliable for predicting stock returns. I think it is really important to set the record straight. To make matters worse, ESG products charge higher fees to participants than traditional investment funds, which can significantly reduce participants' retirement savings over time. Finally, according to researchers at George Mason University, ESG funds expose workers and retirees to additional investment risk. Increased costs, increased risk, and lackluster returns make for a bad cocktail. Weakening the investment portfolios is not what we should be doing here. I yield 3 minutes to the gentleman from Virginia (Mr. Good).

Ms. FOXX. Madam Speaker, I yield 2 minutes to the gentlewoman from Illinois (Mrs. Miller).

Ms. FOXX. I ask that the speaker's words be taken down.

Ms. FOXX. Mr. Speaker, I withdraw my demand.

Ms. FOXX. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, it is important, I think, that we again set the record straight. The RETIRE Act codifies the principles in the Trump Labor Department rule on retirement plan ESG investing. Under this bill, as with the Trump rule, if a fiduciary finds that an ESG factor is a pecuniary or financial factor, then that factor can be considered when investing and exercising shareholder rights. Nothing in the Trump rule prevents a fiduciary from appropriately considering any material risk with respect to investment. Like the Trump rule, the RETIRE Act recognizes ESG factors can present an economic risk or opportunity, which qualified investment professionals would appropriately treat as material economic considerations under generally accepted investment principles. This bill neutrally applies financial investment principles to all investment decisions. To suggest that this bill bars a fiduciary from appropriately considering any factors that may be material to an investment is blatantly false. Unlike the Biden-Harris rule, this legislation is neutral regarding fiduciaries' prudent decisions. Mr. Speaker, I reserve the balance of my time.

Ms. FOXX. Mr. Speaker, I yield myself the balance of my time. Mr. Speaker, we have heard today about the riskiness of ESG. We have heard about the radicalness of ESG. We have heard about the racism inherent in ESG investing. If today's debate has proven one thing, it is that wokeness will not be satisfied until the entire country thinks the same way. To my colleagues, I urge that we return to the neutral fiduciary standard. Let's quit playing ideological games that have a real impact on workers' livelihoods. To my banking-sector friends, I will put it this way: There is no alpha in ESG. Our adversaries will surpass the American financial industry if we continue down this path. The Protecting Americans' Investments from Woke Policies Act would safeguard our financial system from politically driven agendas, ensuring that capital is allocated based on merit and performance, not ideology. For these reasons, I support its passage, and I yield back the balance of my time.

Ms. FOXX

Ms. FOXX. Mr. Speaker, on that I demand the yeas and nays.

Ms. FOXX

Ms. FOXX. Madam Speaker, I rise today to recognize 3.6 million American truckers during National Truck Driver Appreciation Week. Truckers keep our Nation moving forward. Every year, across more than 300 billion miles of highways and back roads, these men and women deliver 11.5 billion tons of goods to feed our families, fuel our industries, and sustain our communities. Whenever you see a truck on the road, Madam Speaker, know that behind the wheel, someone is often miles away from home and family to deliver goods we usually take for granted. Without these unsung heroes, grocery shelves would be bare, factories would shut down, hospitals would run out of medication, and cars would be stranded without fuel. I thank all our truck drivers for their hard work in undertaking one of our economy's most demanding and vital jobs.

Ms. FOXX

Ms. FOXX. Mr. Chair, I have an amendment at the desk.

Ms. FOXX. Mr. Chairman, I rise in support of my amendment. Mr. Chairman, the United States must never relinquish its sovereignty. Without question, we must work to ensure that, in the eloquent words of President Lincoln during the ``Gettysburg Address'': ``This government of the people, by the people, for the people, shall not perish from the Earth.'' The power bestowed upon our government is derived from the will of the American people, not by foreign governments or organizations that syphon away our money as if we were a cash cow. Foreign entities, such as the World Health Organization, or WHO, should never be allowed to corrode America's sovereignty and hand down edicts to the American people. We chart our own course, and we will not be deterred from doing so. We should be even more skeptical of foreign entities, like the WHO, that are bedfellows with Communist China. China and its international cabal of bureaucrats would love nothing more than to have the United States follow their direction and the direction of their puppets like mindless lemmings. They are hell-bent on controlling our God-given freedoms at the expense of our livelihoods. This cannot and will not be allowed to stand. My amendment strengthens the underlying bill to ensure that H.R. 1425 will slam the door on any attempt to allow international bureaucrats at the WHO to undermine U.S. sovereignty and the will of the people. My amendment clarifies that no WHO convention, agreement, or other international instrument on pandemic prevention, preparedness, or response can have any force or effect in U.S. law before or unless the Senate ratifies such a treaty. This includes the clarification that no WHO agreement may be used to establish standing to sue under U.S. law or to challenge U.S. agency actions. Only if the American people's Representatives have spoken, with two-thirds of the Senate ratifying any WHO agreement, should it be allowed to have any impact on U.S. law. Mr. Chairman, I reserve the balance of my time.

Ms. FOXX. Mr. Chairman, I am, frankly, surprised at my colleague for opposing an amendment that does nothing more than strengthen this piece of legislation. This amendment ensures that we do not violate our national sovereignty. I think it is the right thing to do. Mr. Chairman, I urge my colleagues to support my amendment, and I reserve the balance of my time.

Ms. FOXX. Mr. Chairman, may I inquire as to how much time is remaining.

Ms. FOXX. Mr. Chairman, I reiterate what I said a few minutes ago. I respect my colleague from New York (Mr. Meeks), but what harm does it do to put belts and suspenders on a bill? The gentleman says it is not needed. It takes up a few words more. It is not going to have any negative effect on the national debt, but it makes it abundantly clear that no organization, particularly the WHO, can order this country to do anything under any kind of an agreement without a vote of the United States Senate, as we would do with any kind of treaty or other agreement. Mr. Chairman, I urge my colleagues to vote for this amendment, strengthen the underlying bill, and I yield back the balance of my time.

Ms. FOXX

Ms. FOXX. Mr. Speaker, I rise to recognize an exemplary North Carolinian and someone who is a visible active leader in his community, Scott Sewell. At the end of August, Scott will be retiring from Cook Medical, a company where he has built a distinguished career spanning nearly 40 years. He has previously served as the chairman of the Winston-Salem Chamber of Commerce, as president of the Winston-Salem Police Foundation, and represented Cook Medical on the boards of NC Bio and the North Carolina Chamber of Commerce. Mr. Speaker, Scott is a workhorse, and everyone who is fortunate to know him can attest to this simple fact. I congratulate Scott on his well-deserved retirement. His work has left an indelible mark upon the lives of many across the Tar Heel State.

Ms. FOXX

Ms. FOXX. Mr. Speaker, I rise today to support Prime Minister Netanyahu in the just cause of eliminating Hamas. Soon, the Prime Minister will address the people's House. As he speaks, we will be reminded of the mounting peril facing America and our allies around the world. In the struggle for freedom and democracy against anti-Semitism and terror, the Committee on Education and the Workforce is proud to do its part. We have held countless hearings exposing the roots of anti-Semitism on the home front and will continue to do so. The success of this vital mission will help decide whether America remains safe for the Jewish people. As Ronald Reagan once said: ``Freedom is never more than one generation away from extinction.'' His words ring especially true today. Not since World War II have the stakes felt so high.

Ms. FOXX

Ms. FOXX. Madam Speaker, I ask unanimous consent that all Members may have 5 legislative days to revise and extend their remarks and include extraneous material on the joint resolution under consideration.

Ms. FOXX. Madam Speaker, pursuant to House Resolution 1341, I call up the joint resolution (H.J. Res. 165) providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Education relating to ``Nondiscrimination on the Basis of Sex in Education Programs or Activities Receiving Federal Financial Assistance,'' and ask for its immediate consideration in the House.

Ms. FOXX. Madam Speaker, I yield myself such time as I may consume. Madam Speaker, I rise today to address the single most important issue for the next generation of daughters soon to enter the world of women's sports. President Biden issued a final Title IX rule that would effectively end a woman's right to female-only organized athletics. The resolution up for debate today sponsored by the gentlewoman from Illinois (Mrs. Miller) would put a stop to it. A woman's athletic journey starts at a young age. At the outset, it serves as a vital source of empowerment for young girls. Every young woman remembers gym class and the experience of getting hit with a rogue football or being caught in the middle of a boy-dominated dodge ball dispute. Even from a young age, the inherent value of female-only sports is readily apparent. Young girls grow together, learn from each other, and earn a unique sense of female camaraderie. Then some women get the chance to carry their talent on to college. Post- secondary athletic opportunities were slim prior to Title IX when I was growing up. However, Title IX came around in 1972 and swung open the doors to college athletics for women who had historically been excluded from such opportunities. As the first in my family even to graduate high school, I understood the importance of Title IX to women's fight for access to post- secondary education. I immediately saw the law as a means for women to pursue their passion and further their education, just like the boys did. It was a watershed moment. Title IX ushered in a golden era for women's competition in education. There is sanctity in the community and tradition of these memories and these spaces and these opportunities for young girls. That is why I want to preserve Title IX and ensure the same opportunities for the next generation of daughters. This is the task today. Congress has the choice before it to either stand with Title IX and the protection of women, or don't. By adding gender identity to Title IX's protected classes, the radical left and the Biden administration will tear down women's sports and eliminate safe and private spaces for girls. The rule puts a man's perceived feelings of femininity on par with actual womanhood rooted in biological sex. Effectively, it ensures that anyone who says he is a woman can compete in women's sports, shower with women, and go to the bathroom with women. My womanhood is not a costume, nor is my daughter's or my granddaughter's. I find it offensive that the Biden administration would treat it that way. By equating perceived sex with biological sex, this rule is at odds with reality. I, along with my Republican colleagues, stand firmly on the side of reality against this onslaught of gender madness. Biological sex exists. It existed when Title IX was first drafted. It still exists today. Moreover, this isn't just an issue of fiction versus reality. This is an issue of fairness and safety. Men and women are not physiological equals and treating them so is inherently unfair and dangerous. The Biden administration's rule will strip women and girls of athletic opportunities and put them in danger. Finally, this rule prohibits female-only spaces, such as locker rooms, bathrooms, and other sex-separated areas. I will stop at nothing to ensure that America's daughters are not put in that situation. Today, Congress is called upon to vote for young women across America who would have opportunity, safety, and innocence ripped from them by the Biden administration. We cannot allow that. Therefore, I urge a ``yes'' vote on Representative Miller's resolution, H.J. Res. 165, to stop Biden's Title IX rule. Madam Speaker, I reserve the balance of my time.

Ms. FOXX. Madam Speaker, I yield 2 minutes to the gentlewoman from Illinois (Mrs. Miller), the vice chairman of the committee and sponsor of this resolution.

Ms. FOXX. Madam Speaker, I yield 2 minutes to the gentleman from Florida (Mr. Bean), the chairman of the Subcommittee on Early Childhood, Elementary, and Secondary Education.