The Senate on Wednesday overturned a Department of Labor rule that allows retirement plans to consider environmental, social and governance factors when making investment decisions, with Republicans arguing that it is a part of President Biden’s “woke” agenda.
Two Senate Democrats, West Virginia’s Joe Manchin and Montana’s Jon Tester, joined all Republicans in support of the ESG disapproval resolution, which passed by a 50-46 vote in the Democrat-majority chamber.
Four senators did not vote on the now-passed legislation, which goes to Biden’s desk for what is expected to be his first veto.
“The Senate made the right decision to vote down Biden’s rule to harm Americans’ retirement savings. I am proud to lead this bipartisan challenge,” Sen. Mike Braun (R-Ind.), who sponsored the bill, tweeted Wednesday.
“President Biden: keep your hands off our 401(k)s!” he added.
A similar bill sailed through the GOP-controlled House on Tuesday in a 216-204 vote.
House Speaker Kevin McCarthy (R-Calif.) argued that the “woke ESG rule” would let “Wall Street use your retirement savings to fund left-wing political causes.”
Republican lawmakers, such as Sen. John Barrasso (R-Wyo.) also worried that the Labor Department rule would jeopardize the retirement savings of more than 152 million Americans. --->READ MORE HERE
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| Williams/Pool Photo via AP |
Senate Republicans will have enough votes on Wednesday to nullify the Biden administration’s new rule allowing 401(k) fund managers to consider climate change and social justice politics when investing clients’ savings, a move that will prompt President Biden to issue his first veto.
Sen. Jon Tester, Montana Democrat, told The Washington Times that he plans to side with Senate Republicans and fellow Democratic Sen. Joe Manchin III of West Virginia to support a resolution to roll back a Labor Department provision for 401(k) fiduciaries to employ environmental, social and corporate governance investing known as ESG.
The Senate is scheduled to vote on the resolution later Wednesday.
The support from two Democrats provides the necessary votes to pass a Congressional Review Act resolution and notch a win against what critics call a “woke” anti-fossil fuel investment practice that jeopardizes Americans’ retirement funds.
“I want the markets to work,” Mr. Tester said, citing concerns it would put investors at additional risk.
“At a time when working families are dealing with higher costs, from health care to housing, we need to be focused on ensuring Montanans’ retirement savings are on the strongest footing possible,” he later said in a statement. “I’m opposing this Biden administration rule because I believe it undermines retirement accounts for working Montanans and is wrong for my state.” --->READ MORE HERE
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