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House Passes Resolution Blocking Politicization of Retirement Accounts

WASHINGTON, D.C., February 28, 2023
Today, the House passed H.J. Res. 30, legislation to block the U.S. Department of Labor rule greenlighting environmental, social, and governance (ESG) investing in employer-sponsored retirement plans. Congressman Barr’s Congressional Review Act (CRA) measure would prevent this rule and any other similar rule from taking effect. U.S. Senator Mike Braun (R-IN) is leading companion legislation in the Senate.
 
“President Biden’s ESG rule puts the future of millions of Americans in jeopardy, especially retirees who have been adversely affected by inflation. The Left wants to use ESG investing to advance its radical green agenda while pushing companies that they do not agree with out of the marketplace. That’s wrong and it is why I fully support a Congressional Review Act resolution to hold this administration accountable and to ensure retirement plans focus solely on workers’ financial interests, not liberal pet projects. As the Chairwoman of the Education and the Workforce Committee, I will continue to protect the retirement savings of workers, retirees, and their families,” said Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC).

“Americans are suffering from a $3.8 trillion savings gap that is jeopardizing retirement for millions. That’s why Congress must dig in and prevent the Biden Administration from greenlighting any attempt to elevate a political agenda ahead of delivering maximum financial security so that seniors can live comfortably in retirement. I applaud my colleagues joining me in this effort and I encourage the U.S. Senate to pass this resolution quickly.” U.S. Congressman Andy Barr (R-KY), Chairman of the House Financial Services Subcommittee on Financial Institutions and Monetary Policy.

“Democrats should not play politics with your retirement account. The Biden Administration is allowing financial managers to make decisions that prioritize left-wing environmental and social issues ahead of maximizing returns for retirees. Thank you, Congressman Barr, for leading the fight against the Biden Department of Labor’s woke ESG agenda, which would impact the retirement funds of more than 152 million Americans. House Republicans will always stand up for the millions of hardworking men and women saving for their retirement,” said House Majority Leader Steve Scalise (R-LA).

“Americans’ hard-earned retirement money should not be subjected to Joe Biden and the Democrats’ woke agenda. House Republicans will not stand by and allow the Biden administration to use American retirees’ 401k dollars to prioritize liberal political causes over investments that put their financial futures first,” said House Majority Whip Tom Emmer (R-MN).
 
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