Washington, D.C.— Today, U.S. Congressman Andy Barr (R-KY) introduced a Congressional Review Act (CRA) measure to nullify the Department of Labor’s recent rule proposal to greenlight environmental, social, governance (ESG) investing in federal pension plans. U.S. Senator Mike Braun (R-IN) is leading the companion measure in the U.S. Senate. Axios’ Alayna Treene scooped the introduction.
“By finalizing rulemaking allowing plan fiduciaries to consider ESG factors, Biden’s Department of Labor is not only steering capital away from the American energy sector and driving up prices at the pump, but is also threatening the returns and financial security of unwitting federal employees whose retirement funds will likely be invested in higher fee, less diversified, and lower performing ESG-tethered instruments in the name of woke politics. This Congressional Review Act measure will reject the DOL’s outrageous politicization of federal pension plans and protect investors by doing so,” said Congressman Barr.
“When American workers invest in their retirement, they should be able to trust their financial advisors to be investing with their best interests in mind, not the interests of liberal activists. American retirement funds have already taken such a hit from Joe Biden’s failed economic policies, they should not be politicized. I am proud to lead my colleagues in this effort to overturn the Biden administration’s woke 401k rule and protect Americans’ retirement funds,” said Senator Braun.
Reps Rick Allen (R-GA), Bill Huizenga (R-MI), Greg Murphy (R-NC), Bryan Steil (R-WI), French Hill (R-AR), and Brad Finstad (R-MN) are cosponsors of Congressman Barr’s CRA.