House Republicans will vote to overturn Joe Biden's veto of a resolution that would nullify the Biden Administration's attempt to greenlight Environmental, Social, and Governance (ESG) investing in employer-sponsored retirement plans.
IT'S SIMPLE: This bipartisan resolution would have protected retirement savings from political interference. House Republicans know that your retirement savings is your money, not Joe Biden's. Wall Street should maximize your returns, not fund Biden's Far Left political agenda.
H.J. RES. 30 AND ESG FACTS:
Rep. Andy Barr’s H.J. Res. 30 works to nullify the Biden Labor Department’s reckless new rule greenlighting ESG investing in employer-sponsored retirement plans, which will pressure these retirement plan fiduciaries to consider Far Left ESG factors when investing retirement plan assets.
These ESG “risks” make up a broad range of factors, including carbon emissions and diversity quotas, which Far Left activists believe companies should address when disclosing a company’s financial performance to investors and regulators.
The submitted rule would impact 142 million Americans who participate in a federally regulated retirement plan, totaling more than $11.7 trillion in assets.
Over the past five years, ESG investment funds have performed nearly three percentage points below the broader market’s returns, according to a recent study.
Retirement plan fiduciaries are caretakers of retirement accounts, not woke activists.
ESG funds have underperformed for years. Additionally, investors are exposed to more risk when investing in ESG. Both situations can leave American savers with less.
Biden’s veto comes after both the House and the Senate voted in a bipartisan manner to reject his own Administration’s rule.