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Ranking Member Waters Delivers Opening Statement at Extremist MAGA Anti-ESG Subcommittee Hearing on the Proxy Process: “This Committee Has Real Work to Do When It Comes to Investor Protection, And This Paternalistic, Disingenuous Approach to Shareholder Rights Is Not It.”
Washington, DC, July 13, 2023
Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement at a subcommittee hearing on Capital Markets entitled, “Reforming the Proxy Process to Safeguard Investor Interests.”
Today, Republicans are giving the term “investor protection” new meaning by pushing legislation that would protect investors from their own ideas. For a party that supposedly values free speech and free market capitalism, they are now trying to muzzle the ability of shareholders to bring forth proposals that can influence the direction of the companies that they own. MAGA Republicans would prefer that shareholders only be able to vote on what corporate management wants, completely avoiding any sense of accountability or transparency when it comes to corporate board decision-making. This Committee has real work to do when it comes to investor protection, and this paternalistic, disingenuous approach to shareholder rights is not it.