Republicans claim the rule, which covers plans that collectively invest $12 trillion on behalf of 150 million Americans, would politicize investing by allowing plan managers to pursue liberal causes, which they say would hurt performance.
The Labor Department regulation prohibits plan managers from subordinating financial interests to other objectives, according to aanalysis, which found it makes largely cosmetic changes to a more restrictive rule set in place under former President Donald Trump. "This just simply says that the primary criterion has to be the financial return on investment," said Republican Senator Mike Braun, who sponsored the bill.
WTF?🤮🤮🤮🤮
Republicans are for a small, unobtrusive government. 🤣
So your right wing is AGAINST ESG investments? Mate you lot are a fucking special breed.
Uh. It was to repeal Biden's nonsense. They didn't just come up with the bill.
Congress wants to dictate investment decisions. BS.
Aren’t these the same people that complain about government overreach?
Investors should only care about is maximizing profits of the people trusting them with their futures not for political games
Government dictating how a private company is allowed to project future growth. Republicans are becoming anti capitalism.
This is nuts. So much for GOP and smaller gov't.
How did this pass the Senate?
Trying to end capitalism in name of capitalism is so on-brand for current GOP. I don’t understand any of law or markets so let’s make reflexive & reactionary law our thing!! Power of markets no matter if kill consumers or our voters as only short term stock prices matter, no
Good
Veto that nonsense. Investment decisions should be based on whatever you want in your portfolio.
What happened to let the market decide. Don’t Republicans believe in the free market
Biden will veto that absurd bill
Biden wants to dictate your financial investments - who voted for this clown? mr.magoo
Indeed, Biden has the right to veto and implement his decision, but he was unable to confront the power and ferocity of the Republican Party Because if he did, they would bring the world-famous Inh Hunter Biden to trial
If this were a democrat bill with one vote you would call it “bipartisan.”
Good
Ignorant. Look.. not everone is living for the afterlife in the kingdom of some heaven. Some of us want a planet that's habitable for future generations. So maybe quit killing our grandkids for fossil fuel profits today.
Coal baron Joe Manchin voted Yes. HOW is that not criminal self-dealing? WVSen ESG
No way, Joe Manchin voted with Republicans? 🙄
This is nuts. A pension plan has to be allowed to look at the facts and conclude, for example, that half of Florida and half of Louisiana are going to disappear so they don't want to invest there. People who disagree can snap up the bargains.
That’s really stupid. Pension fund managers are not going to divulge their strategies.
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