Rep. Pat Harrigan (R., N.C.) and nine of his House GOP colleagues, want House leadership to protect Americans’ freedom to invest how they choose, the Washington Reporter can exclusively confirm.
Harrigan, also with Reps. Don Bacon (R., Neb.), Nick LaLota (R., N.Y.), Michael Lawler (R., N.Y.), Juan Ciscomani (R., Ariz.), Gabe Evans (R., Colo.), Rob Bresnahan (R., Pa.), Jen Kiggans (R., Va.), Dan Newhouse (R., Wash.), and Ryan Mackenzie (R., Pa.) all wrote to Speaker Mike Johnson (R., La.), Majority Leader Steve Scalise (R., La.), and Whip Tom Emmer (R., Minn.), in a letter first obtained by the Reporter.
In the letter, the lawmakers wrote “politicians have gone far beyond [basic regulations], using government power not to protect people, but to dictate outcomes, control markets, and strip away the freedom of choice that is central to American prosperity. This is no longer about serving constituents; it is about forcing ideology into the marketplace.”
For Harrigan, this is the latest in his move to push for less regulation that gets in the way of American investors, workers, and families.
“Republicans have always been the party of free markets and limited government, and this letter is about holding that line,” Harrigan said of his latest work. “When government starts telling investors what risks they can and cannot consider, it does not protect the market, it distorts it. We have already seen how state laws restricting investment decisions cost hundreds of millions in lost economic activity. If Washington continues down this road, the costs fall on American families, workers, and retirees whose savings are caught in the middle. This letter puts House leadership on notice that we are not going to let creeping government interference hollow out the principles that made this economy the envy of the world.”
Bacon, a veteran lawmaker, said that he signed on to the letter for a “simple” reason: “government should get out of influencing people’s investment decisions and forcing their values on others. Republicans don’t like it when Democrats do it, and Democrats don’t like it when Republicans do it. Let’s leave investing to the conscience of private citizens.”
The lawmakers’ latest move immediately won praise from many in the finance industry, especially from faith-based investors.
Katie Carter, the Director of Faith-Based Investing and Shareholder Engagement at Presbyterian Life & Witness, noted that “we view our investments not just as vehicles for financial returns but as an expression of our faith. We must be able to continue to invest freely and responsibly for the sake of our economy, beneficiaries, and religious freedom. We urge Congress to protect that right.”
The Republicans’ request of House leadership comes as both state and federal policies are influencing how Americans can invest their money; that, they wrote, defies how America’s economy has grown to become so dominant.
“History has shown us that socialism always fails, whether in Venezuela, Cuba, or the old Soviet Union. Each time, it leads to shortages, rationing, and a collapse in innovation,” they noted. “Legislation that limits the free market can have a negative impact on taxpayers and local economies. State legislation, such as Texas’ Fair Access Law, which prohibits the types of risk asset managers may consider when investing state pension dollars, has cost an estimated $668 million in lost economic activity. Politicians interfering in the free market like this is not capitalism — it’s bad business.”
“Republicans will always defend the free market because it is the foundation of American success,” they added. “By keeping the government from picking winners and losers and standing firm against ideological overreach, we can continue to strengthen our economy, empower workers, and safeguard the prosperity that has defined our nation for generations.”
Evans added that those reasons are why, in part, he signed on to the letter. “America’s economy is strongest when investment decisions are made by investors, not by politicians or bureaucrats,” he explained. “The freedom to invest is a cornerstone of our free market system, and government should not be imposing political agendas on private capital. I am proud to join this effort to defend investor independence, protect economic growth, and ensure Americans can continue making financial decisions based on what’s best for their families, businesses, and communities.”
The same rationale also motivated Mackenzie, LaLota, and Ciscomani to sign on too, they added.
“At the heart of American innovation and prosperity is the freedom of our citizens to invest,” Mackenzie added. “History shows us that efforts to bend investors to the will of government results in economic stagnation and an excessive concentration of state power. Congress should embrace the principle that safeguarding personal freedoms also means protecting financial freedoms and free market ideals by not allowing politicians to pick winners and losers.”
LaLota, a New York lawmaker, deals frequently with America’s financial industry, and he noted that time is essential for Congress to act on this.
“Now is an important moment to address the proper balance between government involvement and private investment decisions,” he said. “These issues go to the heart of investor independence and long-standing free market principles. We are reaffirming our commitment to those principles and ensuring they remain central to America’s economic strength.”
Ciscomani added that “America’s economic strength relies on a stable, competitive free market where businesses and investors have the flexibility to respond to changing market conditions. Unpredictable policies can create uncertainty, directly affecting businesses, workers, and long-term growth.”
Others in the financial industry, like Sage Advisory’s Andrew Poredo, praised the lawmakers for the move. “Investors must be able to evaluate material risks and opportunities and exercise independent judgment on behalf of their clients,” Poredo said. “Sage strongly supports efforts that safeguard this responsibility.”
Others, like the Sisters of St. Joseph of Peace and Ridge Creek Global agreed.
Sister Susan Francois, the former’s treasurer, said that faith-based investors “have a fiduciary responsibility to invest our resources in keeping with our values. The freedom to invest is critical and fundamentally tied to our freedom of religion and our ability to express that freedom in the marketplace.”
And Alex Chapman, the president of the latter, added that “the freedom to invest is a cornerstone of our free-market capitalist system. When government gets involved, it often creates unintended consequences. For example, if weather cannot be a factor for risk, it makes it incredibly hard for an investor to price an insurance company properly. That is why the best government for investors is a limited government, which allows the freedom to invest.”
