President Biden was dealt a major rebuke by Congress on Wednesday thanks to a pair of Senate Democrats who sided with Republicans in favor of scuttling a contentious 401(k) rule that allows the consideration of climate change and social justice politics.
The Democratic-led Senate voted 50-46 to nullify a recent Labor Department provision greenlighting retirement fund managers to use environmental, social and corporate governance investing known as ESG. The vote delivered a victory to critics of “woke” ESG investing.
Mr. Manchin argued that the policy was “just another example of how our administration prioritizes a liberal policy agenda over protecting and growing the retirement accounts of 150 million Americans that will be in jeopardy.” Mr. Biden’s rule reimposed a provision rolled back under former President Donald Trump that allows ESG investing for 401 accounts under the Employee Retirement Income Security Act of 1974. The White House and Democrats who support the policy emphasize it does not force fiduciaries to invest in ESG funds but simply gives them the option if they feel it can draw greater returns.
“ESG is an attempt to circumvent the democratic process to advance an inherently political agenda,” said State Financial Officers Foundation CEO Derek Kreifels. “Any move to supplant or dilute the fiduciary duty would undercut the foundations of our economic freedom and harm the American worker.”
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