Republican lawmakers argue the ESG push is driven by left-wing ideology and could hurt American retirees.
A Republican-led group of 50 US senators is aiming to reverse a Biden administration-backed rule that they claim is effectively “politicizing Americans’ 401s” by allowing retirement managers to consider environmental, social and governance standards – known as “ESG.”
“In a time when Americans’ 401s have already taken such a hit due to market downturns and record high inflation, the last thing we should do is encourage fiduciaries to make decisions with a lower rate of return for purely ideological reasons,” Braun said in a statement. Manchin said it was “irresponsible of the Biden Administration to jeopardize retirement savings for more than 150 million Americans for purely political purposes.”
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