Nearly 50 senators introduce challenge to Biden ESG investing rule

Posted on AllSides February 1st, 2023
From The Right
Politics, US Senate, Republican Senators, Joe Manchin, ESG, Joe Biden

Sen. Joe Manchin (D-WV) and 48 Republican senators signed on to a measure Wednesday to cancel a Biden administration rule allowing retirement plan managers to consider environmental and social issues when making investment decisions.

Lawmakers have pushed back on the rule, arguing that it would unfairly politicize retirement funds for millions of people.

The rule, announced in November by the Department of Labor, allows fiduciaries to weigh the environmental, social, and governance factors, also known as ESG factors , when making investment decisions for U.S. retirement accounts rather than considering solely the rate of return.

The challenge is being led...

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