In the latest Republican attack on the Department of Labor's (DOL's) rule allowing retirement plan fiduciaries to consider environmental, social, and corporate governance (ESG) factors in selecting investments, 49 GOP senators and one Democrat plan to reintroduce a resolution designed to block enforcement of the regulation. (The resolution was first introduced in the last session of Congress.)
Sen. Mike Braun, R-Indiana, is leading the effort, which also includes Sen. Joe Manchin, D-West Virginia. In the House, the attempt to block the rule is being led by Rep. Andy Barr, a Republican representing Kentucky.
The Biden Administration rule, which allows fiduciaries to consider climate change and other ESG issues when they evaluate investments and shareholder rights, went into effect Monday. Even though the rule is now in effect, a law known as the Congressional Review Act (CRA) may allow Congress to nullify it.
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