House Republicans next week will call up a bill to kill the Biden administration's ESG rule, which they say threatens the retirement saves of millions of Americans.
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 factors when making investment decisions for their clients.
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. In early February, more than 100 groups organized by Advancing American Freedom , former Vice President Mike Pence’s political advocacy group, called on Congress to roll back the ESG rule. Groups on the letter included Heritage Action, America First Policy Institute, Americans for Prosperity, Americans for Tax Reform, Climate Science Coalition of America, Club for Growth, Fair Energy Foundation, Faith & Freedom Coalition and the Foundation for Government Accountability.
The Department of Labor, led by Secretary Marty Walsh, says the rule will ‘safeguard’ retirement accounts by letting plan fiduciaries consider ESG factors.
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