Manchin Joins Senate Republicans in Challenging Biden’s Woke Investments Rules

EXCLUSIVE: All Republican senators and Democrat Joe Manchin will introduce legislation they hope will end the Biden government’s new approach. Environment, governance and social (ESG). They say rule “politicizes” The retirement savings of 152 million Americans. 

In November, the Biden administration’s Department of Labor announced a rule that will go into effect Jan. 30 and allow retirement plan managers to factor in. Environmental and social issues Make investment decisions.

Rep. Andy Barr, R.Ky. will introduce Wednesday’s bipartisan approval resolution. Rep. Mike Braun (R-Ind.) will also present a companion bill in Congress. Congressional passage will allow Congress override the administration to kill the regulation.

“President Biden is jeopardizing retirement savings for millions of Americans for a political agenda,” Braun told Fox News Digital.

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Sen. Mike Braun (Republican from Indiana) is leading a bipartisan resolution of disapproval. (Sarah Silbiger/Pool via AP)

“In a time when Americans’ 401(k)s have already taken such a hit due to market downturns and record high inflation, the last thing we should do is encourage fiduciaries to make decisions with a lower rate of return for purely ideological reasons. That’s why we are proud to stand up against this rule for the millions of Americans who depend on these funds for their retirement,” The senator from Indiana continued.

Last week, 25 states filed a federal suit against the Biden administration for the rule. Utah Attorney General Sean Reyes claims that the rule would affect millions of Americans’ retirement safety net plans. “at risk.”

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“The Biden administration promotes its.” Climate Change Agenda by putting everyday people’s retirement money at risk,” Reyes told Fox News Digital. “Americans are already suffering from the current economic downturn.”

Rep. Andy Barr (R-Ky.) is proposing companion legislation to the House.
(Courtesy the author)

The states claim that the DOL violated Employee Retirement Income Safety Act (ERISA), 1974. This law establishes standards for retirement income. There are 152 million U.S. workersThe equivalent of more than two thirds of the nation’s adult population and roughly $12 trillion in assets.

Braun’s aide stated that the resolution would be up for a vote in the Senate and House within the next few weeks.

The Congressional Review Act allows joint resolutions to disapproval to be considered on floor. To pass the resolution and send it to Biden, it will require a simple majority vote threshold. Supporters of the resolution expect at most one more Democrat support it and to pass it in Senate.

“Retirement plans should be solely focused on delivering maximum returns, not advancing a political agenda,” Barr added.

“If Congress doesn’t block the Department of Labor’s rule greenlighting ESG investing in retirement plans, retirees will suffer diminished returns on the investment of their hard earned money. It’s time for Congress to act and I applaud Senator Braun and our colleagues for renewing this fight.”

To pass the resolution, it will only need a simple majority vote threshold and will be sent to Biden.
(Demetrius Freeman/The Washington Post via Getty Images

According to the aide, the bipartisan legislation has been supported by over 100 groups.

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Support groups include: American Accountability Foundation (American Accountability Foundation), American First Policy Institute, American Accountability Foundation (Americans for Prosperity), American Accountability Foundation (American Accountability Foundation), Americans for Prosperity), Concerned Women for America and Fair Energy Foundation. Heritage Action, Independent Women’s Voice are some others.