Exclusive: More than 100 conservative leaders and groups organized by former Vice President Mike Pence’s political advocacy group have been named by Senator Mike Brown (R-Ind.) and Congressman Andy Burr (R-Ky.) I support the new resolution. A Biden administration to promote an “awakened capital agenda.”
Last week, all Republican senators and West Virginia Democrat Joe Manchin introduced a bill they hoped would repeal a new Department of Labor rule that would allow retirement plan administrators to consider factors. Environmental, Social and Governance (ESG) They say it will “politicize” the retirement savings of 152 million Americans.
Advancing American Freedom (AAF) Executive Director Paul Teller wrote a letter first obtained by Fox News Digital and signed by the heads of more than 100 conservative groups, calling Biden “politically inappropriate”. asked Congress to rescind the “financially irresponsible” rule.
All Republican Senators Manchin Challenge Biden’s ESG Climate Investing Rules to ‘Politicize’ American 401(K)s
AAF founder and former vice president Mike Pence told Fox News Digital, “The Biden administration’s smart capital policies need to be set aside for common sense policies that protect America’s retirees. be. (Chip Somodevilla/Getty Images/File)
“A University of Chicago study found that mutual funds with higher scores on ESG factors consistently outperformed funds with the lowest ESG ratings.” “Additionally, 85% of countries don’t even know what ‘ESG’ is.” They are not aware of the financial risks that retirement account managers place on them when actively pursuing ESG investment decisions.”
A recent study conducted by UCLA and NYU found that while investors and asset managers are increasingly using ESG criteria to guide their decision-making, they often underperform relative to the broader market. I agree with the survey results.
“The Biden administration’s smart capital plans need to be put aside for common sense policies to protect America’s retirees,” AAF founder Pence told Fox News Digital. Citizens deserve accountability for their hard-earned savings and reassurance that ESG violations have been reversed.”
The AAF also released its third “Future of Freedom” legislative agenda series. This includes targeting ESG and ensuring Americans protect their retirement plans.
A new resolution by Senator Mike Brown blocks the Biden administration’s move to promote ESG. (Sarah Silbiger Pool/Getty Images/File)
The letter urged Congress to overturn the Biden administration’s rule through the Congressional Review Act. Under that law, a joint resolution opposing the regulation must be put to a vote and, if passed by both the House and Senate, be used to remove the regulation. Supporters of the resolution expect at least one more Democrat to endorse it in the Senate.
“We, the undersigned organizations and officials, call upon all members of Congress to support these resolutions and stop Biden from ideologically embezzling Americans’ retirement accounts,” the letter said. I am calling you.
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Conservative groups that signed the letter include Heritage Action, America First Policy Institute, Americans for Prosperity, Americans for Tax Reform, Climate Science Coalition of America, Club for Growth, Fair Energy Foundation, Faith & Freedom Coalition, and Foundation for Government Accountability. included. .
Treasurers of Arizona, Indiana, Louisiana, Mississippi, Utah and West Virginia also signed.
Manchin joined Republicans in blocking the Biden administration’s ESG rules. (Anna Moneymaker/Getty Images/Files)
In recent weeks, Republican and Democratic lawmakers have targeted the Biden administration’s ESG investment priorities, warning Americans that these priorities may run counter to fiscal goals.
Last month, a group of 25 states filed a federal lawsuit over the rule. Utah Attorney General Sean Reyes said the rule would “endanger” the safety of millions of Americans and his Net Retirement Plan.
