Legislation has been introduced by every Republican senator and Democrat Joe Manchin to stop the Biden administration’s new environment, social and governance (ESG) rule which allows retirement plan managers to factor environmental and social issues into the investment decisions. Sen. Mike Braun (R-IN), who introduced the disapproval resolution, said, “In a time when Americans’ 401(k)s 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.”
