Over 100 Groups Back GOP and Manchin Plan to Block “Woke” ESG Investing Rule
EXCLUSIVE: More than 100 conservative leaders are supporting a resolution from Senator Mike Braun, R.Ind. and Rep. Andy Barr. This would prevent a Biden administration attempt to promote a statewide election. “woke capital agenda.”
Every Republican senator and West Virginia Democrat Joe Manchin proposed legislation last week to end a Department of Labor rule that allows retirement plans managers to factor. Environment, governance and social (ESG). They say that they turn investment decisions into issues “politicizes” The retirement savings of 152 million Americans.
Paul Teller, Executive Director, Advancing American Liberty (AAF), wrote a note, first obtained via Fox News Digital, and signed by over 100 conservative leaders, urging Congress not to repeal Biden’s. “politically inappropriate” And “financially irresponsible” rule.
“The woke capital agenda of the Biden administration needs to be cast aside for commonsense policies that protect American retirees,” Fox News Digital interviewed Mike Pence, AAF founder and former Vice-President of the AAF. (Chip Somodevilla / Getty Images / File)
“According to research from the University of Chicago, mutual funds scoring highly on ESG factors are constantly outperformed by funds rated lowest for ESG,” The letter states. “Moreover, 85 percent of the country does not even know what ‘ESG’ is, and therefore would not be aware of the financial risks their retirement account managers are subjecting them to when they actively pursue ESG investment decisions.”
UCLA and NYU recently conducted a study that found ESG standards are being increasingly used by asset managers and investors to guide their decision making, but they often outperform the broader market.
“The woke capital agenda of the Biden administration needs to be cast aside for commonsense policies that protect American retirees,” Fox News Digital spoke with Pence, the founder of AAF. “The American people deserve accountability for their hard-earned savings and reassurance that the encroaching of ESG is overturned.”
AAF also announced its third anniversary “Future of Freedom” Series of legislative agendas, which include ESG targeting and empowering Americans to make sure their retirement plans are well-protected.
25 STATES HIT BIDEN ADMIN OVER CLIMATE ACTION TARGETING AMERICANS’ RETIREMENT SMASHINGS
A new resolution by Senator Mike Braun would prevent President Biden from promoting ESG. (Sarah Silbiger–Pool / Getty Images / FILE)
The letter urged Congress through the Congressional Review Act to repeal the rule of the Biden administration. Joint resolutions to disapprove a regulation must be put to a vote. If passed by both the House or Senate, they can be used for eliminating regulations. Supporters of the resolution hope at least one more Democrat will support it, allowing the Senate to approve it.
“We, the undersigned organizations and officials, are calling on every member of the United States Congress to support these resolutions and stop Biden’s ideological embezzling of Americans’ retirement accounts,” The letter was read.
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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 signed onto the letter.
It was also signed by West Virginia, Indiana and Louisiana state treasurers.
Manchin and the Republicans joined forces to block an ESG rule by Biden’s administration. (Anna Moneymaker/Getty Images/File)
Recent weeks have seen Republican and Democrat lawmakers target the Biden administration’s ESG investments priorities. They are warning Americans about how these priorities could be working against their financial goals.
25 states filed a federal lawsuit last month against the rule. The Utah Attorney General Sean Reyes claimed it would threaten millions of Americans’ safety net retirement plans. “at risk.”
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