March 1, 2023

Fox News: Senators accuse Biden of skirting rules with ESG push, ‘weaponizing’ Americans’ retirement funds ahead of vote

The House voted to kill the controversial ESG rule Tuesday and the Senate vote is Wednesday

Sen. Joe Manchin, D-W. Va., and Sen. Mike Braun, R-Ind., joined ‘America’s Newsroom’ to discuss the push to take politics out of investing and the latest over national debt negotiations.

Republican senators accused the Biden administration of skirting rules and weaponizing Americans’ retirement accounts via the administration’s controversial ESG investment rule in a press conference Wednesday.

“This ESG agenda, when applied to investing, is investment malpractice, pure and simple,” Sen. Cynthia Lummis, R-W.Y., said during the press conference that was held before the body is set to vote to kill the rule later Wednesday.

Sen. John Kennedy, R-La., Sen. Mike Braun, R-Ind., previously introduced a resolution in early February that would prevent the Biden administration from enforcing a Department of Labor rule that would allow fiduciaries who make investment decisions for the retirement plans of more than 150 million people to consider companies’ approach to climate change and other such social issues when making their decisions.

Sen. Pete Ricketts, R-Neb., also chimed in, accusing Biden of “putting politics above workers’ retirement” with the ESG rule.

Read the full article here.