Alone: Every Republican senator and Democrat Joe Manchin are introducing legislation they hope would gut the Biden administration’s new environmental, social and governance (ESG) rules, which they say will “politicize” retirement savings for 152 million Americans.
The Biden administration announced legislation on Nov. 30 that would allow managers of Labor Department pension plans to factor environmental and social concerns into investment decisions.
A bipartisan bill led by Sen. Mike Brown, R-Ind., will be introduced Wednesday and a companion bill in the House introduced by Rep. Andy Barr, R-Ky. Congressional approval of the resolution would allow Congress to overrule the administration and kill the rule.
“President Biden is jeopardizing the retirement savings of millions of Americans,” Brown told Fox News Digital.
25 states have filed lawsuits against Americans’ retirement savings in relation to climate change
Sen. Mike Braun, R-Ind., is leading a bipartisan resolution. (Sarah Silbinger/Pool via AP)
“When America’s 401(K)s have already suffered such damage from market failures and high inflation, the last thing we need to do is encourage trustees to make low-return decisions for purely ideological reasons.” “That’s why we’re proud to oppose this legislation for the millions of Americans who depend on this money for their retirement,” the Indiana senator continued.
Last week, a group of 25 states filed a federal lawsuit against the Biden administration over the law, which Utah Attorney General Sean Reyes said would “jeopardize” the safety net retirement plans of millions of Americans.
Republican states are planning an all-out attack on Wok Banks: ‘We won’t do business with you.’
“The Biden administration is pushing its climate change agenda by putting people’s retirement savings at risk every day,” Reyes told Fox News Digital. Americans are suffering from the current recession.
Rep. Andy Barr, R-Ky., is introducing companion legislation in the House.
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In the lawsuit, the states alleged that DOE violated the Employee Retirement Income Security Act of 1974 (ERISA). The law sets retirement income requirements for 152 million American workers, more than two-thirds of the nation’s adult population. And it applies to nearly $12 trillion in assets.
A Brown aide said the resolution would receive a vote on the Senate and House floors in the coming weeks.
Under the Congressional Review Act, non-consensual resolutions cannot be prevented from appearing on the floor. The resolution requires only a simple majority vote to pass and send it to Biden, and supporters of the resolution expect at least one more Democrat to support it and pass it in the Senate.
The resolution only needs a simple majority vote to pass and send it to Biden.
(Demetrius Freeman/The Washington Post via Getty Images)
The aide said the bipartisan bill has the support of more than 100 groups.
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Groups in support include: Advancing American Freedom, Club for Progress, America First Policy Institute, American Accountability Foundation, Americans for Prosperity, Women Who Care for America, Fair Energy Foundation, Heritage Action, Independent Women’s Voice, and more.