A Biden administration rule threatens Americans' retirement funds by prioritizing 'speculative and immaterial risks' from climate change over real returns, attorneys general and treasurers from 24 states wrote in a letter challenging the proposal.
Republican officials – Attorney General Sean Reyes, Treasurer Marlo Oaks, and State Auditor John Dougall – led the letter, which Republican officials from Alabama, Alaska, Arizona, Arkansas, Florida, Georgia, Idaho, Indiana, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, North Carolina, North Dakota, Ohio, Oklahoma, South Carolina, Texas, West Virginia and Wyoming joined.
The letter notes that the Employee Retirement Income Security Act's rules bar fiduciaries – entities entrusted with employee retirement funds – from subordinating "the interests of retirement plan participants and beneficiaries to unrelated or other objectives.
While current rules allow fiduciaries to consider climate-related risk, the proposed rule "irrationally singles out climate-related risk for special treatment," the letter claims.
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