The Woke 401(k) Rule Must Be Repealed

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The Woke 401(k) Rule Must Be Repealed

March 28, 2023 Dear Speaker McCarthy, Leader Scalise, and Whip Emmer, Thank you for your efforts to repeal the highly concerning Biden-Harris Department of Labor rule, “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights,” which would allow leftwing “ESG” priorities to take precedence over returns for 401(k) investments. We are grateful that you advanced the Congressional Review Act resolution (H.J.Res. 30) and sent it to President Biden’s desk. It is unconscionable that he vetoed this resolution.

At a time when he took swift action to bail out wealthy California depositors at Silicon Valley Bank, Biden has demonstrated that the value of middle-class workers’ retirement savings is not as important as progressive values on the environment, biological sex, and other matters. Because millions of workers will still be hurt by this rule, we look forward to your ongoing legislative efforts to repeal it. For example, a repeal of this rule could be included as part of an upcoming appropriations bill. Please let us know how we can support you in this and other initiatives to protect workers’ savings. Sincerely,

Paul Teller Brent Gardner Executive Director Senior Vice President Advancing American Freedom Americans for Prosperity Grover Norquist David McIntosh President President Americans for Tax Reform Club for Growth Steve Buri Greg Sindelar President Chief Executive Officer Discovery Institute Texas Public Policy Foundation Jessica Anderson Richard Morrison Executive Director Senior Fellow Heritage Action for America Competitive Enterprise Institute

Kimberly Yee Julie A. Ellsworth Treasurer Treasurer State of Arizona State of Idaho Daniel M. Elliott John M. Schroder Treasurer Treasurer State of Indiana State of Louisiana David McRae Vivek Malek Treasurer Treasurer State of Mississippi State of Missouri John Murante Thomas Beadle Treasurer Treasurer State of Nebraska State of North Dakota Todd Russ Stacy Garrity Treasurer Treasurer State of Oklahoma State of Pennsylvania Josh Haeder Marlo Oaks Treasurer Treasurer State of South Dakota State of Utah Riley Moore Derek Kreifels Treasurer Chief Executive Officer State of West Virginia State Financial Officers Foundation (SFOF)

Bob Carlstrom President AMAC Action Thomas Jones President American Accountability Foundation Phil Kerpen President American Commitment Dick Patten President American Business Defense Council

Shawnna LM Bolick Former State Representative Arizona House of Representatives Carla Sonntag President and CEO Better Together New Mexico Ralph Benko Chairman The Capitalist League Ryan Ellis President Center for a Free Economy

Daniel J. Mitchell President Center for Freedom and Prosperity Jameson Taylor, Ph.D. President and CEO Center for Political Renewal (CPR)

Penny Nance CEO and President Concerned Women for America LAC Dr. Steven J. Allen, JD, PhD Vice Chairman The Conservative Caucus The Honorable George K. Rasley, Jr. Managing Editor ConservativeHQ.com

Kristen A. Ullman President Eagle Forum Suzi Voyles President Eagle Forum of Georgia Tarren Bragdon President and CEO Foundation for Government Accountability Bette Grande CEO The Heartland Institute Diana Furchtgott-Roth Director, Center for Energy, Climate, and Environment The Heritage Foundation Heather R. Higgins CEO Independent Women’s Voice

Andrew Langer President Institute for Liberty F. Vincent Vernuccio, J.D. President Institute for the American Worker Seton Motley Founder and President Less Government Jason Isaac Director Life:Powered David Ridenour President National Center for Public Policy Research Tim Jones Former Speaker Missouri House of Representatives Paul Stam Former Speaker Pro Tem NC House of Representatives Kevin Freeman Founder NSIC Institute Gerard Kassar State Chairman NYS Conservative Party Duvi Honig Founder and Chief Executive Officer Orthodox Jewish Chamber of Commerce Dave Zimmerman Member Pennsylvania House of Representatives

Fran Bevan State Leader, Pennsylvania Phyllis Schlafly Eagles Donna Jackson Director of Membership Development Project 21 Black Leadership Network Charlie Gerow CEO Quantum Communications Matt Bell CEO Reliable Energy, Inc. Paul Gessing President Rio Grande Foundation Mike Stenhouse CEO RI Center for Freedom & Prosperity Allen Roth President Secure America Now Saulius “Saul” Anuzis President 60 Plus Association James L. Martin Founder/Chairman 60 Plus Association

Andrew Sorrell State Auditor State of Alabama Mike Harmon Auditor of Public Accounts State of Kentucky

Mike Kehoe Lieutenant Governor State of Missouri Scott Fitzpatrick State Auditor State of Missouri The Honorable Carrie Isaac State Representative (HD73) Texas House of Representatives C. Preston Noell III President Tradition, Family, Property, Inc. Donald L. Luskin Chief Investment Officer TrendMacro Nate Dunning Chairman Young Conservatives of Texas

Cc: House Appropriations Committee, House Rules Committee