By using this site, you agree to the Privacy Policy and Terms Of Use.
Accept
WhatsNew2DayWhatsNew2Day
  • Home
  • Australia
  • Business
  • Economy
  • Entertainment
  • Gaming
  • Health
  • Lifestyle
  • Science
  • Sports
  • Tech
  • US
  • World
Reading: Senate PASSES bill to kill Biden’s ESG rule for retirement plans: Biden will veto
Share
Aa
WhatsNew2DayWhatsNew2Day
Aa
  • Home
  • Contact
  • About us
  • Privacy Policy
  • Home
  • Australia
  • Business
  • Economy
  • Entertainment
  • Gaming
  • Health
  • Lifestyle
  • Science
  • Sports
  • Tech
  • US
  • World
Follow US
© 2022 WhatsNew2Day News Network. All Rights Reserved.
WhatsNew2Day > US > Senate PASSES bill to kill Biden’s ESG rule for retirement plans: Biden will veto
US

Senate PASSES bill to kill Biden’s ESG rule for retirement plans: Biden will veto

Last updated: 2023/03/01 at 5:34 PM
Jacky 3 weeks ago
Share
Senator Joe Manchin (DW. Va.)
SHARE

Senate passes bill to kill Biden’s ‘awakened’ pension plan ESG rule: Democrats Manchin and Tester join Republicans in preventing ‘interference’ in 401Ks – but president has already said it will be his first VETO

  • Moderate Democrat Sens. Joe Manchin, W. Va., and Jon Tester, Mont., The Republican side on the censure resolution
  • Critics say environmental, social and governance (ESG) factors for investing are based on political agendas versus getting the best returns for savers
  • The bill now heads to President Joe Biden’s desk and is expected to veto it

By Morgan Phillips, American political reporter for WhatsNew2Day.Com

Contents
Senate passes bill to kill Biden’s ‘awakened’ pension plan ESG rule: Democrats Manchin and Tester join Republicans in preventing ‘interference’ in 401Ks – but president has already said it will be his first VETOShare or comment on this article:

published: 4:54 PM EST, March 1, 2023 | Updated: 5:34 PM EST, March 1, 2023

The Senate voted 50 to 46 to block a Biden administration rule that allows pension fund managers to consider environmental, social and governance (ESG) factors in investment decisions for nearly half of the country.

Moderate Democrat Sens. Joe Manchin, W. Va., and Jon Tester, Mont., The Republican side on the censure resolution. Sens. John Fetterman, D-Pa., and Dianne Feinstein, D-Calif., did not vote because they deal with health issues.

The bill now goes to the office of the president and White House press secretary Karine Jean-Pierre said he would veto it. The legislation is not expected to override a president’s veto, as a two-thirds majority vote is required in both the House and Senate.

Senator Jon Tester (D-Mont.)

Democratic Senators Joe Manchin, W. Va., and Jon Tester, Mont., joined Republicans in voting for a bill to block a Biden rule that allows ESG factors in private sector pension fund decisions

Ahead of the vote, Manchin spoke on the Senate floor about the measure, slamming the Biden administration for its “unrelenting campaign to weaken our national security, our economic security.”

He said President Biden’s Department of Labor (DOL) prioritized “liberal policy agenda over protecting and growing retirement accounts.”

On Tuesday, the House passed the censure resolution 216 to 204, with a Democrat, Rep. Jared Golden of Maine, voted with Republicans to block the rule.

Senator Mike Braun, R-Ind., who led the Senate effort, brought the resolution forward and passed it by a simple majority thanks to the Congressional Review Act.

The Department of Labor in November unveiled a rule that allowed retirement managers to consider ESG factors, replacing a rule that required managers to focus on delivering the best returns for the 152 million Americans who invest with the ERISA retirement plan .

The Employee Retirement Income Security Act of 1974 defines a strict fiduciary responsibility for nearly all retirement plan professionals who have long adhered to it.

ERISA covers most employer-sponsored retirement plans and manages $11.7 trillion in assets.

The White House has said the rule, which would introduce a provision that Trump reversed to order money managers to focus strictly on returns, is “not a mandate.”

“It doesn’t take a fiduciary to base investment decisions solely on ESG factors,” said the White House Office of Management and Budget.

“The rule simply requires pension plan fiduciaries to make a risk and return analysis of their investment decisions and recognizes that these factors may be relevant to that analysis.”

Rep. Andy Barr, R-Ky., introduced the bill as Republicans make corporate

Rep. Andy Barr, R-Ky., introduced the bill as Republicans make corporate “wokeism” their new battlefield

Democrats argue the rule allows retirement managers to make investment decisions that may be less profitable in the short term, but more profitable in the long run as clean energy and sustainability projects become more lucrative.

On Tuesday, the S&P 500 ESG index was down 9.5 percent over the past year, but down 10.5 percent in a decade. The S&P 500 Energy Index rose 24.1 percent in a year, but only 1.2 percent in a decade.

Several ESG rating agencies are responsible for judging the good and the bad, and some critics say that without proper measurement, the practice can amount to a “marketing plan.”

Not everyone opposes the ESG rule — several Wall Street wealth advisers, including BlackRock, Inc., believe that green investing focused on retirement plans can be lucrative.

Share or comment on this article:

You Might Also Like

Los Angeles teachers brave rain to descend on picket lines on three-day strike

Celebrity My Sister’s Keeper Author Jodi Picoult Reveals We’ve ALL Missed Her Name

Army corporal convicted of raping colleague who stayed in his room after celebrating his promotion

Send us your mental health questions for our Group Therapy newsletter

Trump claims Michael Cohen apologized to him three times, calls his mediator a “serial liar”

TAGGED: Biden, Bidens, bill, Breaking News, dailymail, Democrats, ESG, John Fetterman, Karine Jean-Pierre, kill, news, Passes, plans, Republicans, retirement, RULE, Senate, VETO
Jacky March 1, 2023
Share this Article
Facebook Twitter Email Print
Share
Previous Article Commentary: Now hiring! Low-profile art world family seeks personal assistant Commentary: Now hiring! Low-profile art world family seeks personal assistant
Next Article Children who play sports are less likely to be hyperactive and have behavioral problems such as loss of temper, fighting, lying and stealing, a study finds (stock image) Forget Adderall: Children who exercise have lower risk of ADHD and behavioral problems

Latest

Employees of Los Angeles' only public school district braved the rain to follow through on their threats of a three-day strike Tuesday, shutting down the second-largest school system in the country in the process.
Los Angeles teachers brave rain to descend on picket lines on three-day strike
News
Jodi Picoult, the author behind the popular novel My Sister's Keeper, recently revealed that fans have been mispronouncing her name.
Celebrity My Sister’s Keeper Author Jodi Picoult Reveals We’ve ALL Missed Her Name
US
Iran supreme leader orders punishment for schoolgirl poisoning
US not interested in ending the Ukraine war, Iran’s Khamenei says
World
Calif. County Tracked Church Members during COVID with Cell Phone Data: Court Documents
Calif. County Tracked Church Members during COVID with Cell Phone Data: Court Documents
News
Corporal Daniel Conway, 1 Regiment, Royal Logistics Corps, was convicted of raping a female colleague who was staying in his room after celebrating his promotion
Army corporal convicted of raping colleague who stayed in his room after celebrating his promotion
News
Court fixes March 30 for IVD trial over wife’s death
Court fixes March 30 for IVD trial over wife’s death
Gaming

nba 2k23 mt

© WhatsNew2Day News Network. All Rights Reserved. Email: contact@whatsnew2day.com

  • Home
  • Contact
  • About us
  • Privacy Policy

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?