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US SIF Members Dispel Myths about Sustainable Investing on Capitol Hill
A wrap up of the US SIF Capitol Hill Day on June 13th, 2023.
Amid the barrage of misinformation about sustainable investing and the use of ESG criteria, members of US SIF: The Sustainable Investment Forum, the leading voice in the United States for sustainable investment, took to Capitol Hill on June 13th to educate members of Congress about the field. These meetings were part of US SIF's annual Capitol Hill Day. The goal of Capitol Hill Day was to connect sustainable investors with Members of Congress to share basics about our field and the regulatory issues affecting it and to build long-term relationships.
Fifty-one US SIF members traveled to D.C. from 16 states to meet with their Members of Congress. Our members met with Republicans and Democrats, attending 40 meetings throughout the day. The day began with a sendoff speech from Rep. Juan Vargas (D, CA-52) who, along with Rep. Sean Casten (D, IL-06), founded the Congressional Sustainable Investment Caucus. During the meetings with members of the House of Representatives, US SIF members asked them to join the Caucus, which was founded to educate members of Congress about the field of sustainable investing and the recent attacks against it, hold events with experts and stakeholders, and provide legislative and hearing guidance.
During the robust and productive meetings, US SIF members educated Congress about the field of sustainable investing. As of year-end 2021, the US SIF Foundation identified $8.4 trillion in total US assets under management (AUM) using sustainable investing strategies. This represents 13 percent—or 1 in 8 dollars—of the total US assets under professional management. Investors strive to find as much comparable and reliable information as possible when assessing future risks and opportunities and determining what they are willing to pay for a company's securities, and the universe of voluntary corporate disclosures has not met their needs.
During Hill Day our members asked members of Congress to support the disclosure agenda at the Securities and Exchange Commission (SEC) and oppose any attempts to use the Appropriations process to block the SEC from issuing disclosure rules. US SIF has long been a leading advocate for comprehensive disclosures of corporations' ESG risks. In 2022, the SEC released a proposed rule that would require corporations to disclose specific information related to the risks and opportunities they face from a rapidly warming climate. The SEC has also indicated that it will produce a proposed rule to standardize workforce disclosures. It is critical that Congress hear from US SIF members about the ways in which more data relating to corporate risks and opportunities would help investors make better financial decisions. We look forward to continuing to engage on both sides of the aisle to dispel myths about sustainable investing and encourage policy that supports investors, retirees, workers, and the planet.
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