The Democratic-led US Senate voted to block a Labor Department sustainable investing rule, marking a victory for Republicans in their crusade against “woke” capitalism and teeing up President Joe Biden’s first veto. Know more:
THE Democratic-led US Senate voted to block a Labor Department sustainable investing rule, marking a victory for Republicans in their crusade against “woke” capitalism and teeing up President Joe Biden’s first veto.
The regulation allows retirement plans to consider ESG factors if they are in the best financial interests of plan beneficiaries, reversing a Trump administration rule that required plans to invest solely on financial considerations. Republicans are attacking ESG as an attempt to push climate-change politics into Americans’ financial planning.
ESG has become a lightning rod for the GOP, as the party turns the investing form into an emblem of left-wing politics. More than a dozen Republican state attorneys general have attacked ESG financial practices, while Republicans in Congress plan to increase their scrutiny of sustainable investing. “I’m opposing this Biden administration rule because I believe it undermines retirement accounts for working Montanans and is wrong for my state,” Tester said in a statement.
The White House has said Biden will veto the measure, with the administration arguing the rule protects workers by ensuring “that fiduciaries have the fullest set of available tools to protect their life savings and pensions.”
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