U.S. Rep. Andy Barr (R-KY) introduced a joint resolution that would nullify the Department of Labor’s (DOL) recent rule to greenlight environmental, social, governance (ESG) investing in employer-sponsored retirement plans.
With House Joint Resolution 30, Barr said retirement plans should solely focus on delivering maximum returns, not ESG investments. He contends that retirees would suffer from diminished returns as a result of the DOL ruling.
“It’s time for Congress to act, and I applaud Senator Braun, Chairwoman Foxx, and my colleagues for joining me in this fight,” Barr, chair of the House Financial Services Subcommittee on Financial Institutions and Monetary Policy, said.
The bill is cosponsored by Rep. Virginia Foxx (R-C), chair of the Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC).
“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,” Barr said.
U.S. Sen. Mike Braun (R-IN) introduced a companion measure in the U.S. Senate.