U.S. Sens. Katie Britt (R-Montgomery) and Tommy Tuberville (R-Auburn) signed onto a joint resolution this week to nullify a recent Department of Labor (DOL) rule allowing Environmental, Social and Governance (ESG) investments in retiree accounts.
Every Senate Republican, led by U.S. Sen. Mike Braun (R-Ind.), along with U.S. Sen. Joe Manchin (D-W. Va.) and U.S. Rep. Andy Barr (R-Ky), said in a news release Wednesday that they will reintroduce the joint resolution under the Congressional Review Act (CRA). However, they did not specify when, according to Pensions & Investments.
According to the outlet, the CRA lets Congress disapprove — by a simple majority vote — a final rule issued by a federal agency if it has not been in effect for more than 60 legislative days. Also, if a joint resolution of disapproval is enacted, the CRA stipulates that a rule may not be issued in "substantially the same form" as the disapproved rule unless it is specifically authorized by a subsequent law.
Tuberville said in a statement, "President Biden will do anything to force his extreme, progressive policies on the American people, regardless of the consequences."
"Inflation caused by his agenda has taken money out of every American's pocket, and now, President Biden wants to rob retirement accounts by allowing woke financial managers to consider ESG factors when investing the savings of hardworking Americans," he added. "Retirement account investing should focus on maximizing economic returns — not pushing progressive social policy."
Britt said in a statement that "hardworking American families, retirees, and small businesses are already being crushed by generationally high inflation fueled by the Biden Administration's wasteful tax-and-spend spree and reckless Green New Deal agenda."
"Now, the President wants 152 million Americans to take an additional financial hit to their hard-earned retirement savings to further a leftwing political agenda," she added. "Fiduciaries have an obligation to put the financial wellbeing of their investors first – not political whims."
Alabama Attorney General Steve Marshall also joined 24 other attorneys general last week in a lawsuit over the DOL rule allowing Environmental, Social, and Governance (ESG) investments in retiree accounts.
To connect with the author of this story, or to comment, email caleb.taylor@1819News.com.
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