BREAKING: House votes to kill Biden’s ‘woke’ ESG investment rule that props up ‘phony climate movement’
Sen. Joe Manchin, D-W. Va., and Sen. Mike Braun, R-Ind., joined 'America's Newsroom' to discuss the push to take politics out of investing and the latest over national debt negotiations.
Republicans say that’s a recipe for tanking millions of investment accounts, and on Tuesday, House GOP leaders called up a resolution aimed at killing the rule, which passed 216-204. Only one Democrat voted for it. Rep. Mark DeSaulnier, D-Calif., said the Labor Department rule is a"a recognition that if a company is inherently risky because of the business they do on their internal practices, its stock could suffer in the long run."
"It is unacceptable to encourage fiduciaries to sacrifice the savings of Americans to the orthodoxy of the woke left," she added. Republicans also argued that companies that promote ESG policies generally underperform those that don’t and carry much higher fees. Rep. Andy Barr, R-Ky., who sponsored the resolution, said Democrats are threatening Americans’ retirement funds by"plowing them into less-diversified, higher fees and lower performing portfolios at precisely the time that we need to maximize financial security for Americans approaching retirement.
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