The collapse of Silicon Valley Bank (SVB) occurred just days after Congress passed the Braun-Barr resolution, which overturns the Biden administration’s “Prudence and Loyalty” rule and its encouragement of environmental, social, and governance (ESG) investing by pension managers under the Employee Retirement Income Security Act (ERISA). The timing could hardly be more instructive. The Prudence and Loyalty rule, the White House had recently argued in its defense, “reflects what successful marketplace investors already know – there is an extensive body of evidence that environmental, social, and governance factors can have material impacts on certain markets, industries, and companies.”Read More
Tag: Employee Retirement Income Security Act
Senator Vance Cosponsors Bipartisan Resolution Challenging Biden’s ESG Rule Politicizing Americans’ Retirement Plans
U.S. Senator JD Vance (R-OH) is joining a bipartisan challenge alongside 49 other U.S. Senators in opposition to President Biden’s new Environment, Social, and Governance (ESG) rule, which politicizes the retirement assets of millions of Americans in order to support Biden’s ideological viewpoints rather than obtaining the highest returns for Americans.
“Joe Biden’s ESG investing rule is a brazen attempt to funnel Americans’ retirement savings toward far-left special interest groups,” Vance told The Ohio Star.Read More