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Kennedy, colleagues introduce legislation to stop Biden admin. from using Americans’ retirement funds for woke projects

“President Biden’s attempt to use Americans’ retirement plans to bankroll the woke agenda is fiscally irresponsible and morally wrong.”

WASHINGTON – Sen. John Kennedy (R-La.) today joined Sens. Mike Braun (R-Ind.), Bill Hagerty (R-Tenn.), James Lankford (R-Okla.) and Richard Burr (R-N.C.) in introducing a Congressional Review Act (CRA) resolution, S.J. Res. 68, to nullify the Biden administration’s Department of Labor (DOL) rule that would encourage fiduciaries to support liberal policy priorities over maximizing Americans’ retirement security.

“President Biden’s attempt to use Americans’ retirement plans to bankroll the woke agenda is fiscally irresponsible and morally wrong. Congress must reject this rule before American families suffer even more just so that Biden can support the Left’s pet projects,” said Kennedy.

“When American workers invest in their retirement, they should be able to trust their financial advisors to be investing with their best interests in mind, not the interests of liberal activists. American retirement funds have already taken such a hit from Joe Biden’s failed economic policies, they should not be politicized. I am proud to lead my colleagues in this effort to overturn the Biden administration’s woke 401k rule and protect Americans’ retirement funds,” said Braun.

Background:

 In November, the Biden administration’s Department of Labor finalized the Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights rule, which allows fiduciaries to consider “climate change and other environmental, social and governance (ESG) factors” when they make investments or proxy vote for shareholders. The rule undoes a Trump administration rule that focused on financial factors.

  • A Harvard Business Review study found that investing in funds that prioritize ESG goals has poor return rates.

Rep. Andy Barr (R-Ky.) led the effort in the House of Representatives.