The House Oversight Committee has launched an investigation into whether pension funds are being used to advance progressive policies, citing potential political bias in investment decisions. Chairman James Comer has written to the National Association of Insurance Commissioners, accusing certain firms of steering investments in favor of green energy over more profitable sectors to advance a left-wing agenda. The letter accused firms like BlackRock of prioritizing political goals over fiduciary duties to retirees. Comer is also looking into whether companies that implement progressive policies are doing so at the expense of retirees’ investments.
The probe expands the committee’s ongoing investigation into whether financial institutions are discriminating against individuals and entities with right-wing views, including insurance companies that may have canceled policies for political reasons. The committee is concerned that proxy proposals and activism by activists may be using retirement funds to achieve political agendas. BlackRock has denied such allegations, stating that it provides clients with insights on economic trends across all sectors and that the choice of where to invest ultimately rests with customers.
The committee is also exploring whether publicly traded companies are circumventing President Trump’s 2025 executive order on diversity, equity, and inclusion practices by rebranding them under different titles. Comer accused the previous White House of promoting discriminatory practices, however, in a statement to Fox News Digital. He wrote,