House Passes Resolution to Scrap Biden ESG Rule

The House passed H.J. Res. 30 with 216 votes in favor and 204 against.

The Congressional Review Act (CRA) allows for Congress to scrap recently enacted regulations; the CRA stipulates that these resolutions only need a simple majority, or 51 votes, to have the bill pass through Congress’s uppper chamber. It is expected that the Senate could vote as early as Wednesday on the CRA resolution to scrap Biden’s ESG rule, or the Department of Labor’s “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights” rule.

The resolution has the support of 49 Senate Republicans and Sen. Joe Manchin (D-WV), meaning the bill only needs one more Senate Democrat to back the bill to have it be sent to Biden’s desk should the House pass the bill. ESG is the latest vector through which the federal government, Wall Street asset managers, and activist investors push private companies to adopt leftist positions such as combatting climate change, advocating racial justice, and diversity requirements. Breitbart News has cataloged just a few of the incidents in which activist asset managers such as BlackRock, Vanguard, and State Street push companies to adopt controversial views.

The bill would allow fiduciaries to take environmental, social, and governance (ESG) factors into consideration when choosing retirement investments. Rep. Andy Barr (R-KY), a member of the House Financial Services Committee and the House sponsor of the resolution, wrote on Monday, “Americans don’t want their retirement accounts politicized. Today, @HouseRepublicans will pass my legislation blocking the Admin’s regulation enabling employer-sponsored retirement plans to put politics ahead of maximizing financial security for investors.” House Speaker Kevin McCarthy (R-CA) wrote on Tuesday, “Your retirement savings is your money, not Washington’s. It should maximize your returns, not fund the Left’s “woke” political agenda. Today, the House will vote NO on Biden’s ESG regulation.” Sen. Mike Braun (R-IN), the Senate sponsor of the resolution, wrote, “The House is now voting on our challenge to Biden’s 401(k) rule that puts your retirement savings at risk to bankroll a progressive agenda. This important vote to protect your retirement is being led by @RepAndyBarr in the House.” Will Hild, the executive director of Consumers’ Research and who has led the fight against ESG investing, said in a statement on Tuesday: Speaker McCarthy and House Republicans stood firm in support of the American people by rejecting President Biden’s attempt to further politicize their retirement dollars. This is the most consequential battle for the future of our nation, and we cannot allow the ESG elites to force their agenda on the American people through economic coercion or the administrative state. Sean Moran is a policy reporter for Breitbart News. Follow him on Twitter @SeanMoran3.

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References:

• https://www.breitbart.com/politics/2023/02/01/49-senate-republicans-joe-manchin-move-scrap-biden-esg-retirement-rule/
• https://www.breitbart.com/politics/2023/02/08/exclusive-heritage-action-hoosier-conservative-call-on-lawmakers-to-pass-anti-esg-bill/
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