Retirement Funds of Millions of Americans in ‘Jeopardy’ as ESG Rule Weakens Protections

News Analysis
The Biden administration and Congress are currently caught up in a tug-of-war over a new Labor Department rule regarding whether Americans’ retirement savings should be used to finance a climate and social justice agenda.
The conflict goes well beyond obscure investment rules and administrative procedures and is likely to affect the financial security of many Americans in their retirement years.
The controversy heated up last week with the Republican-controlled House approving a measure on a 216–204 vote to block the Biden administration’s new rule that permits the inclusion of climate change and social justice principles as pension investment criteria; Rep. Jared Golden (D-Maine) was the sole Democrat to support the measure. Senate Republicans passed a similar measure 50 to 46, with the support of Democrats Jon Tester (D-Mont.) and Joe Manchin (D-W.Va.), who both face reelection in Republican-leaning states in 2024….}