U.S. lawmakers are fighting back against a new Biden administration rule that allows retirement money to be invested according to environmental, social, and governance (ESG) criteria.
Every GOP senator, plus West Virginia Democrat Joe Manchin, signed on to a disapproval resolution this week in protest of a Department of Labor (DOL) directive which went into effect on Monday. The resolution charges that the Biden administration is putting the pensions of 152 million Americans at risk to support “climate and social justice.”
“President Biden is jeopardizing retirement savings for millions of Americans for a political agenda,” Sen. Mike Braun (R-Ind.), who introduced the resolution, stated. “In a time when Americans’ 401(k)s have already taken such a hit due to market downturns and record-high inflation, the last thing we should do is encourage fiduciaries to make decisions with a lower rate of return for purely ideological reasons.”…