Top Republicans try to tank new ESG rule
Rep. Andy Barr and Sen. Mike Braun . Photos: Al Drago and Ting Shen/Bloomberg via Getty Imagesby targeting a Biden administration rule for retirement plan fiduciaries, Axios has learned.Sen. Mike Braun and Rep. Andy Barr are attempting to dismantle a recent Department of Labor rule allowing retirement plan fiduciaries to consider climate change and other environmental, social and governance factors in their investment actions.
"Taking on Biden for attempting to make it easier for companies like BlackRock to put politics ahead of profits is only the beginning of what will be an ongoing effort to bring to light and take action against ESG, the biggest racket happening in America today," Will Hild, executive director of the conservative Consumers' Research Group, told Axios.
Barr said there will be two phases of oversight — one focused on regulators, including bank regulators, the Federal Reserve and the Securities and Exchange Commission; and the second targeting the private sector, including banks and asset managers — paired with a legislative agenda.
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