When Iowans invest in our future retirement, we should be able to trust that those accounts are managed in a way that is entirely focused on maximizing returns and securing our future, not promoting a political agenda. Unfortunately, current law allows investment managers to actually decide to invest based on a company’s policies or political views, rather than a focus on maximizing returns for the investor.
In fact, just two firms advise on 97% of votes on often politically-motivated shareholder votes, and they’re doing it without even reviewing the recommendations using a method called robovoting. This is causing huge conflicts of interest that are reducing returns for Iowans – accounts that are invested for any reason other than maximizing return experience an average of a 14% decrease in worth.
That’s why I’ve introduced the Protecting Retirees’ Savings Act, which will help eliminate conflicts of interest for these financial managers that cost Iowans money. The bill does this by prohibiting the robovoting scheme that is leading to politically skewed and lower return investment decisions.
Bottom line: this bill protects the investments Iowans have made for their future.
Read the bill text here:
FORM: https://nunn.house.gov/SL/protecting-retirees-savings-act