February 01, 2023
Manchin, Capito Lead 50 Senators in Bipartisan Challenge to Biden Rule Politicizing Americans' 401Ks
Washington, DC – Today, U.S. Senators Joe Manchin (D-WV) and Shelley Moore Capito (R-WV) led 50 Senators in introducing their challenge to the Biden Administration’s ESG rule which prioritizes politics over getting the best returns for millions of Americans’ retirement investments. This disapproval resolution will receive a vote on the Senate and House floor.
“At a time when our country is already facing economic uncertainty, record inflation and increasing energy costs, it is irresponsible of the Biden Administration to jeopardize retirement savings for more than 150 million Americans for purely political purposes,” said Senator Manchin. “I’m proud to join this bipartisan resolution to prevent the proposed ESG rule from endangering retirement incomes and protect the hard-earned savings of American families. I encourage my colleagues on both sides of the aisle to support this important resolution to ensure Congress is promoting economic security for West Virginians and Americans, not further exacerbating the serious economic challenges they are already facing.”
“Americans who work today and save for tomorrow need to optimize their returns to afford life in retirement. Political agendas like Joe Biden’s ‘woke’ ESG requirements pressures financial experts to shift potential gains away from American retirees and into Joe Biden and the Department of Labor’s political projects. These efforts harm Americans saving for retirement by pressuring investing specialists to use Americans’ life savings to fund the radical agenda in the White House,” said Senator Capito.
In November 2022, President Biden instituted a rule that explicitly permits ERISA retirement plan fiduciaries to consider environmental, social, and corporate governance (ESG) factors when selecting investments and exercising shareholder rights. This rule replaces a previous rule which mandated fiduciary decisions be made solely on getting the best returns for the 152 million American workers that depend upon ERISA for their retirement. Under the Administration’s rule, retirement fund managers can prioritize ESG factors instead of financial returns in their investment decisions for workers’ hard-earned savings.
The Senators were joined by Senators Mike Braun (R-IN), Mitch McConnell (R-KY), John Thune (R-SD), John Barrasso (R-WY), Marsha Blackburn (R-TN), John Boozman (R-AR), Ted Budd (R-NC), Katie Britt (R-AL), Bill Cassidy (R-LA), Susan Collins (R-ME), John Cornyn (R-TX), Tom Cotton (R-AR), Kevin Cramer (R-ND), Mike Crapo (R-ID), Ted Cruz (R-TX), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Lindsey Graham (R-SC), Chuck Grassley (R-IA), Bill Hagerty (R-TN), Josh Hawley (R-MO), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Ron Johnson (R-WI), John Kennedy (R-LA), James Lankford (R-OK), Mike Lee (R-UT), Cynthia Lummis (R-WY), Roger Marshall (R-KS), Jerry Moran (R-KS), Markwayne Mullin (R-OK), Lisa Murkowski (R-AK), Rand Paul (R-KY), Pete Ricketts (R-NE), Jim Risch (R-ID), Mitt Romney (R-UT), Marco Rubio (R-FL), Mike Rounds (R-SD), Eric Schmitt (R-MO), Rick Scott (R-FL), Tim Scott (R-SC), Dan Sullivan (R-AK), Thom Tillis (R-NC), Tommy Tuberville (R-AL), JD Vance (R-OH), Roger Wicker (R-MS) and Todd Young (R-IN).
Representative Andy Barr (R-KY) is leading the House version of the legislation.
The resolution has been endorsed by over 100 groups:
60 Plus Association, Able Americans, Advancing American Freedom, AdvanceUSA, Alaska Policy Forum, ALEC Action, AMAC Action, America First Policy Institute, American Association of Senior Citizens, American Accountability Foundation, American Commitment, American Family Association, American Policy Center, American-Chinese Fellowship, Americans for Limited Government, Americans for Prosperity, American Securities Association, Americans for Tax Reform, The Buckeye Institute, Caesar Rodney Institute, The Capitalist League, Center for a Free Economy, Center for Freedom and Prosperity, Center for Individual Freedom, Center of the American Experiment, Christian Employers Alliance, Climate Science Coalition of America, Club for Growth, The Conservative Caucus, Conservatives for Property Rights, Competitive Enterprise Institute, Concerned Women for America, ConservativeHQ.com, Discovery Institute, Domestic Energy Producers Alliance, Eagle Forum, Eagle Forum of Georgia, Enterprise Supporting Climate Science, Fair Energy Foundation, Family PAC Federal, FedUp PAC, ForAmerica, Former Speaker of MO House of Representatives, Former Speaker of NC House of Representatives, Foundation for Government Accountability, FreedomWorks, Frontiers of Freedom, Goldwater Institute, Heartland Institute, Heritage Action, Independent Women's Voice, Institute for Liberty, Institute for the American Worker, Institute for Policy Innovation, The James Madison Institute, John Locke Foundation, Kentucky Coal Association, Leadership Institute, Less Government, Life:Powered, Media Research Center, Member of KY House of Representatives, Member of LA House of Representatives, Member of WV House of Delegates, National Center for Public Policy Research, NSIC Institute, NSSF, NYS Conservative Party, Ohio Coal Association, Orthodox Jewish Chamber of Commerce, Patriot Voices, Pelican Institute, Pennsylvania Coal Alliance, Penobscot County Commissioner (Maine), Phyllis Schlafly Eagles, Pine Tree Public Policy Institute, Project 21 Black Leadership Network, Quantum Communications, Reliable Energy, Inc., Rhode Island Center for Freedom & Prosperity, Rio Grande Foundation, State Financial Officers Foundation, State Freedom Caucus Network, States Trust, State Treasurer of Arizona, State Treasurer of Indiana, State Treasurer of Kentucky, State Treasurer of Louisiana, State Treasurer of Mississippi, State Treasurer of Utah, State Treasurer of West Virginia, Taxpayers Protection Alliance, Texas Public Policy Foundation, Texas Mining and Reclamation Association, TrendMacro, Truth in Energy and Climate, Western Energy Alliance, West Virginia Coal Association, Wisconsin Institute for Law and Liberty, Yankee Institute, Young Conservatives of Texas.
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