Today, House Education and Labor Committee Republican Leader Virginia Foxx (R-NC) spoke on the House floor to condemn the Biden administration’s proposed rule that will pressure retirement plan fiduciaries to incorporate low-yield environmental, social, and governance (ESG) investments into workers’ retirement savings.
Republican Leader Foxx's remarks:
“The Left’s woke agenda is putting the retirement savings of many Americans at risk.
“The Biden administration’s proposed rule would require retirement plan managers to consider environmental, social, and governance factors when making investment decisions for workers and retirees. These factors can include a company’s carbon footprint, hiring practices, and whether it is unionized.
“ESG factors are subjective and arbitrary, making them a perfect weapon for the Left.
“Forcing ESG standards on retirement accounts is a clear violation of the Employee Retirement Income Security Act, which requires fiduciaries to put the financial interests of plan participants first.
“ESG requirements pressure investors to subject retirement savings to low-yield investments. This is irresponsible.
“We should be doing all we can to safeguard the savings of retirees instead of putting them at risk to satisfy the woke mob.”