Senate Minority Leader Mitch McConnell on Tuesday ripped into a new rule from the Biden administration that lets 401(k) fund managers consider climate change and social justice politics when investing clients' retirement savings.
The Kentucky Republican accused the Labor Department’s provision allowing fiduciaries to engage in environmental, social and corporate governance investing, or ESG, as a dereliction of their duty to seek the best financial returns possible.
His criticism came as Republicans on Capitol Hill hope to force President Biden to issue his first veto by passing a privileged measure to scuttle the new ESG rule. The Republican-controlled House will pass the measure, known as a Congressional Review Act, Tuesday. Sen. Joe Manchin III, West Virginia Democrat, is supporting the resolution with all 49 Senate Republicans. One more Democrat must break ranks for it to pass, unless Democratic Sen. Jon Fetterman of Pennsylvania, who is undergoing treatment for depression, is absent to vote.
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