Senate Republicans will have enough votes on Wednesday to nullify the Biden administration’s new rule allowing 401(k) fund managers to consider climate change and social justice politics when investing clients’ savings, a move that will prompt President Biden to issue his first veto.
Sen. Jon Tester, Montana Democrat, told The Washington Times that he plans to side with Senate Republicans and fellow Democratic Sen. Joe Manchin III of West Virginia to support a resolution to roll back a Labor Department provision for 401(k) fiduciaries to employ environmental, social and corporate governance investing known as ESG.
The Senate is scheduled to vote on the resolution later Wednesday.
The support from two Democrats provides the necessary votes to pass a Congressional Review Act resolution and notch a win against what critics call a “woke” anti-fossil fuel investment practice that jeopardizes Americans’ retirement funds...more
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