Posted on 02/28/2023 8:04:32 AM PST by Twotone
House Republicans will vote on legislation next week to kill the Biden administration’s controversial rule that allows private retirement plan fiduciaries to consider environment, social and governance (ESG) factors when making investment decisions for their clients.
The Department of Labor’s controversial rule, which took effect in February, has been derided by Republicans and dozens of trade associations as an effort to impose a social agenda on the more than 140 million Americans whose retirement plans are governed by standards set by the federal government.
For decades, those standards have said investment decisions must be guided by the goal of maximizing the return on those investments. However, the rule from Biden’s Labor Department said investment plan fiduciaries can consider companies that prioritize climate change and other social issues as they invest.
House Republicans will use the Congressional Review Act next week to try and stop Biden’s ESG rule. That law lets Congress reject any federal rule if the House and Senate can pass a resolution that says Congress disapproves of it.
Rep. Andy Barr, R-Ky., introduced a resolution to that effect in early February, and the House Rules Committee is scheduled to meet on Monday to set that resolution up for a vote on the House floor as early as Tuesday.
"Retirement plans should be solely focused on delivering maximum returns, not advancing a political agenda," Barr said this month when he introduced the measure. "If Congress doesn’t block the Department of Labor’s rule greenlighting ESG investing in retirement plans, retirees will suffer diminished returns on the investment of their hard-earned money."
(Excerpt) Read more at foxnews.com ...
>>That law lets Congress reject any federal rule if the House and Senate can pass a resolution that says Congress disapproves of it.
The Senate will not pass that resolution, thus the rule will stand, sadly.
Correct. This is nothing but chest puffery and showvoting. If they really wanted to roll this back they would make it a condition of raising the debt ceiling.
What exactly is that supposed to accomplish? There’ll be no veto override. Take him to court, tie him up like they did to trump.
Very true....which is what they do. Another day of BS.
So, the next step is to ID those who implement ESG and move any money out.
We need a comprehensive list. I understand that Vanguard is one of the worst offenders, but know nothing for certain.
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