Republicans Introduce Four Bills to Rescue Americans’ Retirement Savings from Harmful Effects of Biden’s ESG Rule – By Craig Bannister (CNS News) / Sept 7, 2023
On Wednesday, House Republicans introduced four bills designed to prevent ideological investment managers from using a Biden administration rule to put politics over their clients’ profits.
Last November, the Biden administration issued a rule relieving portfolio investment managers from their fiduciary responsibility to invest their clients’ money based solely on profit potential, the House Committee on Education & the Workforce website explains:
“The Biden administration’s new rule—which enables and encourages retirement fiduciaries to consider environmental, social, and governance (ESG) factors—will allow activist investors to funnel retirees’ savings into progressive, left-wing causes. Moreover, ESG funds are notorious underperformers and relatively high-risk, leaving the futures of retirees less secure.”
