Bipartisan Rebuke of ESG Agenda
WASHINGTON DC (03/02/2023) – This week, the House and Senate voted to cancel a Labor Department rule that encourages retirement plan managers to weigh environmental and social issues when making investments.
AEA President Thomas Pyle issued the following statement:
“Today, Congress firmly rejected the Biden administration’s extreme environmental agenda by voting to cancel the Labor Department’s implementation of their ESG rule.
ESG issues are about political and policy beliefs. These personal political opinions of the managers and leadership at financial firms should have no bearing on how they manage their customers’ 401k investments unless a customer has specifically chosen to invest in a fund or program that prioritizes those beliefs.
The financial institutions that manage 401k and other retirement plans are fundamentally stewards of other people’s money. They cannot and should not be using other people’s retirement funds to push their own political agendas. The last thing that people want is their retirement fund pushing progressive politics down their throats.”
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