Editor’s Note: Politico’s Zach Warmbrodt broke the news of this introduction in today’s Morning Money Newsletter.
Washington, D.C.— U.S. Congressman Andy Barr (R-KY) has formally reintroduced a Congressional Review Act (CRA) measure to nullify the Department of Labor’s (DOL) recent rule to greenlight environmental, social, governance (ESG) investing in employer-sponsored retirement plans. U.S. Senator Mike Braun (R-IN) is leading the companion measure in the U.S. Senate.
“Retirement plans should be solely focused on delivering maximum returns, not advancing a political agenda. 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. It’s time for Congress to act and I applaud Senator Braun, Chairwoman Foxx, and my colleagues for joining me in this fight,” said U.S. Congressman Andy Barr (R-KY), Chairman of the House Financial Services Subcommittee on Financial Institutions and Monetary Policy.
“The Biden administration is playing politics with the retirement savings of millions of Americans. By encouraging retirement plan fiduciaries to consider the Left’s ESG agenda when investing retirement savings, the administration is hobbling those who worked to secure their families’ futures. As Americans grapple with the economic turmoil brought on by the Biden administration over the past two years, more Green New Deal policies will strain their financial security and leave our country the worse for wear. I thank Congressman Barr and Senator Braun for their leadership in introducing a Congressional Review Act resolution to nullify the Department of Labor’s detrimental rule,” said Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC), who is also cosponsoring the CRA.