Exclusive Tennessee Conservative Op-Ed
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By Morgan Ortagus –
Tennessee’s public servants should be wary of left-wing activists seeking to funnel their retirement funds towards radical progressive causes and of their dollars supporting America’s greatest long-term enemy, the Chinese Communist Party (CCP).
States across the country are adopting guidelines that funnel publicly funded pensions into the left’s preferred causes under the guise of “ESG” — a term that stands for Environmental, Social, and Corporate governance. While supporters of Critical Race Theory tried to plant radical racial theories throughout our children’s education, supporters of ESG have worked to inject radical political considerations into financial investment systems. Tennessee must firmly reject this push and instead lead the charge to invest in American jobs, energy, security, and growth.
Tennessee’s 580,000 dedicated public workers depend on returns from the $65 billion state-managed pension and 401k fund to care and provide for their families during retirement. But they also must count on the security of our nation and stability of the American economy when planning for the future. The inflation, empty shelves, rising gas prices, and threats from dictators abroad demand that we make principled choices with our dollars and invest in the industries that will continue to keep America strong, prosperous, and secure. That starts by prioritizing American companies over foreign ones.
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The founder of the Soviet Union, Vladimir Lenin, is rumored to have told his communist comrades that, “the capitalists will sell us the rope we shall hang them with”. Whether Lenin said those words or not, it appears all too true when we watch corporate America’s willingness to appease the Chinese Communist Party in order to do business with a nation that seeks to undermine us at every turn.
Unfortunately, Tennessee’s state pension fund holds $235 million worth of investments in Hong Kong dollars. Hong Kong was brutally annexed by the CCP in 2019 and its authorities have arrested hundreds of dissidents, stamped out free speech, and even torn down memorials to the Tiananmen Square Massacre. Americans should withdraw their investments from Hong Kong, as should the Tennessee Treasury fund.
Equally important, Tennessee’s public workers must take a firm stand against domestic trends that threaten to force their pensions into the hands of those advancing liberal politics. State-managed funds have previously refused to deploy an investment strategy that prioritizes political considerations over investment returns. But progressive groups in states like New York, Maine, and California have passed legislation that mandates ESG investment policies to guide their state-managed pension funds. They seek to expand to all fifty states, including Tennessee.
Maine has already banned all public workers’ retirement funds from investing in fossil fuels. New York mandates that its state-managed funds be ‘carbon neutral.’ We must all work towards a greener world, but we cannot accomplish that overnight. In the meantime, we must invest in all sources of American energy production so we don’t have to import energy from our enemies like Vladimir Putin’s Russia.
States like Texas have seen the logical and strategic failures in ESG and wisely banned state investments in companies that cut ties with the oil and gas industry. Tennessee should follow suit. We can never let our worker’s hard-earned dollars become a tool in a political scheme that puts America’s security at risk.
For years Russian intelligence operatives funded environmental groups that wage war against American energy. Putin stands to win when American energy is losing—and he’ll fight tooth and nail to undermine our energy capabilities. Instead of giving into ESG activists, Tennesseans should invest in American jobs, security, and growth. That strategy pays better too. Pro-American funds like those launched this year by Amberwave Partners have significantly outperformed the S&P 500. Our state’s dollars shouldn’t go to China – they should help Tennessee companies and American firms whose products proudly say, “Made in America.”
Our investment dollars should help secure our supply chain and move America away from overexposure to China. During the COVID pandemic, Americans saw firsthand how the Chinese Communist Party hoarded valuable resources, gave us sub-standard products, and led to huge shortages across the board. Many U.S. companies now recognize the need to decrease our dependence on China, and we should help them accomplish that important task.
Too often, the companies favored by ESG managers have no concern doubling down on Chinese investments even while the CCP continues to commit genocide in Xinjiang and denies their responsibility for setting COVID loose on the world. Sadly, many of these same American companies refuse to do business with the U.S. military.
Tennessee should prioritize investments that give us the best returns, and the best way to do that is to invest in the critical American industries that fight for our security and guarantee that our children and grandchildren will enjoy a free country. We should always try to help the Tennessean and American businesses employing our fellow neighbors and countrymen. After all, the single best bet in history has been the United States of America.
About the Author: Morgan Ortagus is a candidate for Congress in Tennessee’s Fifth Congressional District.
