Energy Scorecard

The American Energy Alliance urges all members to vote YES on H.J. Res. 30, the Congressional Review Act resolution disapproving of the Department of Labor rule relating to \"Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights,\" also known as the ESG rule. Whatever one believes about the various issue areas that get collected together under the environment, social and governance grouping, these issues are fundamentally not financial. ESG issues are about political or 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 Department of Labor\'s rule opens the door to this sort of outrage, allowing plan fiduciaries to inject political beliefs into the investment decision process. This is a violation of basic fiduciary duty. Unless specifically directed by the customer, the only consideration must be financial return. Any other considerations undermine trust in the investment process and open up opportunities for fraud and mismanagement of customer retirement funds. When it comes to plan management, the rules should be simple and clear, this Department of Labor rule is anything but.