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The support was organized by former Vice President Mike Pence’s political advocacy group, Advancing American Freedom (AAF), which released a letter to Congress on Feb. 7 outlining the group’s concerns.
Every Republican senator and Sen. Joe Manchin (D-W.Va.) brought the legislation forward on Feb. 1 attempting to stop a Department of Labor rule that permits retirement plan managers to take environmental, social, and governance (ESG) considerations into account when making investment choices.
AAF asserts that this rule “politicizes” the retirement savings of 152 million Americans.
“Forcing Americans into ESG investment is not only politically inappropriate, it is also financially irresponsible,” AAF executive director Paul Teller said in a letter addressed to Congress.
“According to research from the University of Chicago, mutual funds scoring highly on ESG factors are constantly outperformed by funds rated lowest for ESG.
“Moreover, 85 percent of the country does not even know what ‘ESG’ is, and therefore would not be aware of the financial risks their retirement account managers are subjecting them to when they actively pursue ESG investment decisions.”
The letter was signed by groups that included Americans for Prosperity, American-Chinese Fellowship, and Heritage Action for America.
Along with the letter, Advancing American Freedom unveiled the third legislative agenda in its Future of Freedom series, proposing measures to undo President Joe Biden’s ESG rulemaking, safeguard American retirees, and empower Americans involved to vote their shares.
“The woke capital agenda of the Biden administration needs to be cast aside for common sense policies that protect American retirees,” said Advancing American Freedom founder Pence.
“The American people deserve accountability for their hard-earned savings and reassurance that the encroaching of ESG is overturned.”
Senate Republicans, along with Manchin, introduced the legislation to end the new ESG rule due to concerns about political influence on retirement savings.
Just days later, Republican House Financial Services Committee leaders established a first-of-its-kind task group to coordinate the response to ESG movement-related ideas, as The Epoch Times previously reported.
According to a press release shared with The Epoch Times by Oversight and Investigations Subcommittee Chairman Bill Huizenga’s (R-Mich.) office, the working group’s goal is to counter the danger that individuals on the extreme left who are advocating ESG measures pose to capital markets.
By Savannah Pointer