Congress Checks Biden’s New ESG 401K Rule

Congress Checks Biden’s New ESG 401K Rule

February 2, 2023

Last November, the U.S. Department of Labor revealed a new rule that allows retirement managers to factor environmental, social and governance (ESG) issues into investment decisions. This week, Congress introduced legislation, to override the rule, which politicizes the retirement savings of millions of Americans. 

Fox News reports, “The bipartisan disapproval resolution led by Sen. Mike Braun, R-Ind., will be introduced Wednesday and a companion bill in the House will be introduced by Rep. Andy Barr, R-Ky. Congressional passage of the resolution will allow Congress to overrule the administration and kill the regulation.”

The bill is supported by every Republican senator and senator Joe Manchin (D-WV). There have been multiple lawsuits on the state level to fight ESG rules, and we are glad to see a joint effort from the legislative branch. 

Power the Future Founder Daniel Turner had this to say about the bill, 

“Watching the Biden Administration try to force their ESG rules on Americans again and again is the worst version of ‘Groundhog Day’ ever. We commend this bipartisan group of Senators who are trying to return accountability and common sense to Washington after over two year’s worth of attacks on the American energy industry. We shouldn’t trust retirement accounts to the President who delivered the worst gas prices in history along with massive inflation.”

Blocking Biden’s ESG regulations was one of our top ten ways to regain American energy independence that we outlined in our Energy Policy Roadmap. Our government is about checks and balances, and we applaud Congress’s efforts to check President Biden’s overreach and ESG rules.