Despite what you’ve heard, the Freedom Caucus ‘Five and Dime’ plan failed

I was surprised after I returned home from the Wyoming Capitol on Friday to find Wyoming news outlets reporting that the Freedom Caucus had succeeded in its “Five and Dime” plan to pass five major bills through the House in 10 days.

This is simply not true — unless you count passing a piece of legislation that does nothing. 

One of the five “major” bills the Freedom Caucus hoped to pass was House Bill 80, prohibiting “woke” investments by the state. 

It eventually passed the House, but HB 80 was amended so much that it just upholds the status quo of how the Wyoming Treasurer’s Office does business today — which includes investing in companies with “woke” agendas when those investments yield high returns with state money.

In other words, this major Freedom Caucus bill — a pillar of its “Five and Dime plan”— can become law, and Wyoming will continue investing in “woke” companies.

For the Freedom Caucus to claim that it has somehow stopped “woke” investments is dishonest. So is the claim that its Five and Dime plan was a success.

Here’s what happened.

Wyoming has several very large trust funds, with billions of dollars in them. The Wyoming Treasurer’s office invests this money in Wall Street, and the investment returns come back as revenue that helps fund state agencies and programs.

House Bill 80 was meant to prohibit the treasurer’s office from investing any of the state’s money in “woke” companies that follow “Environmental, Social, and Governance” principles, or ESG. 

ESG has become a favorite boogeyman of national groups like the Washington, D.C.-based State Freedom Caucus Network, the organization that oversees the Wyoming Freedom Caucus. 

This is because companies following ESG guidelines use their financial sway to support things like green energy and diversity.

The problem that HB 80 ran into is that investing in “woke” companies makes Wyoming boatloads of money. The state invests in a very broad range of companies, and narrowing the market available for investments would cost the state a whole lot.

For instance, as it was originally written, HB 80 would have cost the pension fund that pays retirement benefits to Wyoming state employees more than $5 billion, putting these hardworking retirees’ pensions at serious risk.

It also turns out that not all companies that engage in ESG practices are sworn enemies of Wyoming.

Most Fortune 500 companies follow some degree of ESG. Even Peabody Energy, a major coal company, has a statement on its website saying it has a responsibility to address climate change. It also has one supporting diversity and inclusion.

When the Freedom Caucus realized all this, they changed the bill to remove a list of “woke” ESG behaviors that would disqualify a company for Wyoming investment. They also removed any penalties that would give the bill teeth.

The amended version of HB 80 that passed the House simply codifies existing practices in the Treasurer’s office. 

To use a favorite phrase of my old friend Susan Gore, the bill is a “nothing burger” — a hamburger that looks real juicy and makes your mouth water, but when you open up the bun, there’s nothing there.

The Freedom Caucus’ “Five and Dime” plan was all about passing five major pieces of legislation. They didn’t do that. 

This is just one of many examples where their version of governing has everything to do with slogans and political theater, and nothing to do with what’s best for the people of Wyoming.

Correction: This story has been updated to correct Peabody Energy has a statement supporting diversity and inclusion, but not equity. —Ed.