The Republican-led House of Representatives voted on Tuesday to block a Biden administration rule that allows retirement plans to consider environmental, social and corporate governance principles, which is referred to as ESG.
The move to stop “woke” investment decisions passed 216 to 204, with one Democrat, U.S. Rep. Jared Golden (Maine) joining with Republicans.
The Labor Department enacted the rule late last year to counter former President Donald Trump’s efforts to ban private-sector workplace retirement plans from considering ESG principles.
U.S. Rep. Andy Barr, R-Ky., introduced the bill — Sen. Mike Braun, R-Ind., is pushing a similar bill in the Senate.
“Congress must act to block the Biden administration’s recent rule that green lights so-called ESG investing in millions of Americans’ retirement plans,” Barr said during a debate on the House floor Tuesday, according to USA Today.
Trump touched on the issue in a campaign video he released last week about Wall Street and employers using “radical-left garbage” when investing retirement accounts. If reelected, Trump said he would sign an executive order “to support a law to keep politics away from Americans’ retirement accounts forever.”
Understanding that these investments are likely to be less profitable in the short term, the article noted that Democrats argue that the investments will be “more profitable in the long term as clean energy and sustainability projects become more lucrative.”
Citing the Congressional Review Act, the Daily Mail reported that Braun and Barr could force a vote on their resolution to nullify the Labor Department rule. The tabloid explained that the resolution only requires a simple majority to pass.
Sen. Joe Manchin, D-W.Va., reportedly supports the ban, and with Sen. John Fetterman hospitalized with debilitating depression, the resolution may squeak by in the Senate. If the measure does make it to President Biden’s desk, expect him to veto it.
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