More than 100 conservative leaders and groups organized by former Vice President Mike Pence’s political advocacy group are backing a new resolution from Sen. Mike Braun, R-Ind., and Rep. Andy Barr, R-Ky., that would block a move by the Biden administration to promote a “woke capital agenda.”
Last week, every Republican senator and West Virginia Democrat Joe Manchin introduced legislation that they hope will terminate a new Department of Labor rule that allows retirement plan managers to factor environment, social and governance (ESG) issues into investment decisions, which they say “politicizes” the retirement savings for 152 million Americans.
“According to research from the University of Chicago, mutual funds scoring highly on ESG factors are constantly outperformed by funds rated lowest for ESG,”. “Moreover, 85 percent of the country does not even know what ‘ESG’ is, and therefore would not be aware of the financial risks their retirement account managers are subjecting them to when they actively pursue ESG investment decisions.”
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