Washington, D.C.— U.S. Congressman Andy Barr (R-KY) will reintroduce a Congressional Review Act (CRA) measure to nullify the Department of Labor’s (DOL) recent rule 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. Every Republican Senator and U.S. Senator Joe Manchin (D-WV) will support the resolution.
“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 and our colleagues for renewing this fight,” said U.S. Congressman Andy Barr (R-KY), Chairman of the House Financial Services Subcommittee on Financial Institutions and Monetary Policy.
“President Biden is jeopardizing retirement savings for millions of Americans for a political agenda. 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. That’s why we are proud to stand up against this rule for the millions of Americans who depend on these funds for their retirement,” said Senator Braun.