A Republican drive to prevent pension fund managers from considering factors like climate change in their investment decisions gained momentum on Wednesday, as a second U.S. Senate Democrat said he would support the measure in an afternoon vote.
Republicans claim the rule, which covers plans that collectively invest $12 trillion on behalf of 150 million Americans, would politicize investing by allowing plan managers to pursue liberal causes, which they say would hurt performance.
The Labor Department regulation prohibits plan managers from subordinating financial interests to other objectives, according to aanalysis, which found it makes largely cosmetic changes to a more restrictive rule set in place under former President Donald Trump. "This just simply says that the primary criterion has to be the financial return on investment," said Republican Senator Mike Braun, who sponsored the bill.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden takes aim at Republican plans to cut health care benefitsAs Republicans raise the specter of tying health care benefits to their debt ceiling strategy, President Joe Biden is pushing back pretty aggressively.
Read more »
Biden’s FAA nominee to appear Wednesday before Senate committeeMore than seven months after President Biden tapped him to lead the Federal Aviation Administration, Phillip Washington is slated to appear before a Senate committee Wednesday that will consider his nomination.
Read more »
Republican Bill Giving Biden TikTok Ban Power Passes House CommitteeThe Republican bill would let Joe Biden block TikTok or other foreign apps involved in the alleged transfer of “sensitive data.'
Read more »
Republican drive against Biden ESG investment rule gains momentumA Republican drive to prevent pension fund managers from considering factors like climate change in their investment decisions gained momentum on Wednesday, as a second U.S. Senate Democrat said he would support the measure in an afternoon vote.
Read more »
Biden could issue his first veto as Congress prepares to vote against ESG investment ruleLawmakers have said the Department of Labor rule 'politicizes' the retirement savings for millions of Americans and are voting to disapprove the rule and kill it.
Read more »