Republicans, Manchin set sights on tanking Biden’s climate friendly 401(k) rules

 Republicans in Congress are seeking to scuttle new rules from the Biden administration that allow retirement fund managers to consider climate change and other factors that conservative critics call “woke capitalism.”

House and Senate Republicans plan to file a Congressional Review Act resolution to force a vote on dismantling new Labor Department rules that allow retirement plan fiduciaries to engage in environmental, social and governance investing, or ESG, when handling clients’ money, Republican Sen. Mike Braun of Indiana confirmed to The Washington Times.

Opponents argue the rules jeopardize roughly 150 million workers and $10 trillion under the Employee Retirement Income Security Act of 1974 by greenlighting retirement managers to invest workers’ 401(k)s in ESG funds, and by rescinding the Trump-era requirement that investments be chosen based solely on financial interests.

Mr. Braun will file the resolution’s Senate version and Rep. Andy Barr, Kentucky Republican, will file the House version.

Sen. Joe Manchin III will break from his party to join the Republican-led effort as the lead and only Democrat, an aide to the conservative West Virginian confirmed to The Times...more