The Department of Labor rule is widely seen by Republicans as part of the Biden administration’s push to inject “woke” ideology into all aspects of government.
Under the rule, fiduciaries who make investment decisions for the retirement plans of more than 150 million people would be explicitly permitted under federal guidelines to consider companies’ approach to climate change and other social issues, instead of focusing on only profitability and return on investment for retirees.
Republicans say that’s a recipe for tanking millions of investment accounts, and on Tuesday, House GOP leaders called up a resolution aimed at killing the rule, which passed 216-204. Only one Democrat voted for it.
Democrats argued during floor debate that Labor’s rule would free up retirement plan managers to make investments in companies that adhere to ESG standards today and therefore may be more profitable in the long run, even if they are less profitable today.
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