West Virginia Senator Joe Manchin has joined the GOP in pushing back against President Biden’s environment, social, and governance (ESG) rule, which they say “politicizes” the retirement savings for 152 million Americans, Fox News reports.
“The Biden administration’s Department of Labor unveiled a rule in November, set to go into effect on Jan. 30, that allows retirement plan managers to factor environmental and social issues into investment decisions,” Fox adds.
Senator Mike Braun (R-IN) will introduce a bipartisan disapproval resolution on Wednesday.
“President Biden is jeopardizing retirement savings for millions of Americans for a political agenda,” Braun told Fox News Digital.
“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,” Braun continued.
“At a time when our country is already facing economic uncertainty, record inflation and increasing energy costs, it is irresponsible of the Biden Administration to jeopardize retirement savings for more than 150 million Americans for purely political purposes,” Senator Manchin told Fox News Digital.
“I’m proud to join this bipartisan resolution to prevent the proposed ESG rule from endangering retirement incomes and protect the hard-earned savings of American families. I encourage my colleagues on both sides of the aisle to support this important resolution to ensure Congress is promoting economic security for West Virginians and Americans, not further exacerbating the serious economic challenges they are already facing,” the Democratic senator continued.
More over at Fox News:
All GOP senators, Manchin challenge Biden's ESG climate investment rule 'politicizing' Americans' 401Ks https://t.co/ewjpswHKIo
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