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House Republicans on Tuesday gave an official thumbs down to a Biden administration rule that encourages investment managers for retirement plans to make “environmental, social, and governance factors” a consideration in investment decisions.
A rule developed by the Department of Labor encourages managers who oversee private retirement plans to consider how companies deal with climate change and other issues in making investments. The rule frees those managers from only focusing solely on investors’ bottom line, according to Fox News.
“Congress must act to block the Biden administration’s recent rule that green lights so-called ESG investing in millions of Americans’ retirement plans,” Republican Rep. Andy Barr of Kentucky, who introduced the resolution, said during the debate, according to USA Today.
On Tuesday, the resolution, which is largely symbolic, passed 216-204. Thirteen members did not vote, according to the roll call, which showed only one Democrat, Rep. Jared Golden of Maine, voted for the resolution.
The resolution’s next stop is the Democrat-controlled Senate, where its future is uncertain.
Should the resolution pass, it would go to the White House, where a veto awaits, according to Fox News. Congress would then get the chance to override that veto, but it would take a two-thirds majority, which would require far greater support than the resolution attracted Tuesday.
Republicans indicated the resolution was a line in the sand for them.
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