The road ahead only gets rockier with the Republican-run House ready to swat down new federal rules to apply what’s known as ESG to 401 investments.
Mr. Braun is leading an effort by all 49 GOP senators and Democrat Joe Manchin III of West Virginia to scuttle new rules from the Labor Department that allow 401 fund managers to engage in ESG investing, a move opponents argue would jeopardize the retirements of some 150 million workers and more than $10 trillion under the Employee Retirement Income Security Act of 1974.
Democratic Sen. Jon Tester of Montana and Independents Kyrsten Sinema of Arizona and Angus King of Maine — both of whom caucus with Democrats — are potential anti-ESG votes. All three are staying mum about their intentions. House Republicans also are probing ESG on multiple fronts, including with a Financial Services Committee task force and the creation of the “anti-woke caucus” by Republican Study Committee Chair Jim Banks of Indiana.
A myriad of red states has already passed laws that pave the way for divesting public pensions and ceasing other government business with pro-ESG financial institutions they deem anti-fossil fuel, with more GOP-led states eyeing similar proposals.
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