Austin, TX — The Republican-led Texas Senate passed House Bill 2067 on Monday, removing previously included anti-responsible investing provisions. As the bill heads back to the House, Unlocking America’s Future urges both chambers to keep these harmful provisions out of the final legislation and other upcoming bills.
In its previous form, the bill included provisions that could discourage insurers from using proven risk assessment criteria to protect Texas families from material financial risks by mandating onerous reporting requirements on commonsense responsible investing factors. As the House considers this bill, Unlocking America’s Future calls on lawmakers to put Texans’ financial security over ideological agendas and maintain the Senate’s improvements to the bill.
“If the House fails to preserve the Senate version of this bill – without the anti-responsible investing provisions — this bill could tie insurers’ hands when it comes to protecting Texans from financial risks,” said Kyle Herrig, spokesperson for Unlocking America’s Future. “By forcing insurers to explain why they declined coverage based on responsible investing factors, this bill could pressure insurers into ignoring material risks — stripping critical safeguards that protect Texas families from financial ruin. As the bill returns back to the House, we urge lawmakers to put the financial security of their constituents ahead of partisan agendas.”
How Anti-Responsible Investing Bills Harm Texas’ Economy
Bills like HB 2067/SB 1006 and other similar efforts represent political interference in sound business and investment practices. By targeting responsible investing in Texas, they would:
- Pressure or force investment managers and insurers to ignore material financial risks
- Potentially reduce returns on state pension funds
- Create regulatory confusion for Texas businesses
- Limit access to capital for companies addressing climate challenges
- Jeopardize Texas’ ability to compete for future-focused industries and jobs
With more than 20 anti-responsible investing bills currently moving through the Texas legislature, HB2067 is just one piece of an unprecedented and coordinated right-wing attack on responsible investing from all directions.
Find out more information about the dangers of this pending legislation and its connection to broader attacks on responsible investing here.
To speak with a UAF spokesperson about this legislation, please email us at press@unlockingamericasfuture.org.
