The House voted to thwart a new rule from the Biden administration on Tuesday allowing 401(k) fund managers to consider climate change and social-justice politics when investing clients' savings, a move that could pave the way for President Biden's...
The GOP-led chamber voted 216-204, with the support of one Democrat, for a resolution to scuttle a Labor Department provision that allows 401 fiduciaries to employ environmental, social and corporate governance investing.
The resolution is privileged under the Congressional Review Act, which forces both chambers of Congress to vote on it. “This is about retirement savings; the government shouldn’t be telling Americans how to invest money in retirement, or recommending, or suggesting,” Rep. Rick Allen, the Georgia Republican who helped craft the resolution with Rep. Andy Barr, Kentucky Republican, told The Washington Times.
“It does not require any fiduciary to make investment decisions based solely on ESG factors,” the White House Office of Management and Budget said. “The rule simply makes sure that retirement plan fiduciaries must engage in a risk and return analysis of their investment decisions and recognizes that these factors can be relevant to that analysis.”They argue the rule would allow investment managers to funnel everyday Americans’ money to progressive causes without clients’ awareness.
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