Retirement Savings Are Not a Political Football

Once again, Democrats are bowing to the woke mob.

They are trying to weaponize their radical environmental, social, and governance (ESG) agenda to force their far-left, Green New Deal ideology on the American people.

On November 22, 2022, the Biden Department of Labor released a final rule to expand and facilitate the practice of retirement plans using workers’ invested funds to pursue environmental and social causes. The rule gives retirement plan managers the green light to factor ESG into investment decisions for the retirement funds of more than 152 million Americans. It even allows plan managers to automatically enroll retirement savers into ESG investments.

At a time when Americans are seeing their 401(k)s plummet and inflation soar, the last thing that the Biden Administration should do is encourage financial managers to make decisions that put left-wing environmental and social issues ahead of retirees’ financial security.
 
Let’s be clear: Retirement plans should be solely focused on delivering maximum returns for the men and women who rely on them, not advancing a political agenda. 

H.J. Res. 30, introduced by Rep. Andy Barr, will block the Department of Labor’s rule green-lighting ESG investing in retirement plans by utilizing the Congressional Review Act’s expedited procedures to allow Congress to consider whether to block newly enacted federal rules.

House Republicans are proud to stand up against Democrats’ woke ESG agenda for the millions of Americans who depend on their 401(k)s for their retirement.