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Foxx, Allen: Biden Administration’s ESG Rule will Hurt Americans’ Retirement Accounts

Today, Republican Workforce Leaders on the Education and Labor Committee, Reps. Virginia Foxx (R-NC) and Rick Allen (R-GA), issued the following statement in response to the Employee Benefits Security Administration’s proposed rule on environmental, social, and governance (ESG) investing and proxy voting. This rule would reverse the Trump administration’s protections for retirement savers and would pressure retirement plan fiduciaries to prioritize ESG factors when investing retirement plan assets.

“The Biden administration is taking its radical climate change and pro-union boss agenda too far—this time jeopardizing American’s retirement savings. Millions of American workers depend on their retirement savings to ensure a secure future for themselves and their families. The financial interests of workers and retirees should never take a backseat to the whims of the green lobby and Big Labor.  

“Yet Democrats are allowing their extreme agenda to come before workers and retirees. It is incumbent on the Department of Labor to ensure retirement savers are protected and that plan fiduciaries are not allowed to sacrifice retirement certainty in the name of non-financial goals. Today’s rule shows Democrats are failing miserably on this front.”  


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