Atlanta, GA – Today, House Republicans voted on a Congressional Review Act resolution of disapproval to overturn the Biden administration’s Department of Labor (DOL) rule that allows private retirement plan fiduciaries to consider environmental, social, and governance (ESG) factors when making investment decisions for their clients. This new Biden DOL rule overturned a Trump administration rule that kept retirement plan decision-makers (fiduciaries) focused properly, allowing them to use only financial factors in choosing investments for the funds for which they had responsibility. In response, Tea Party Patriots Action (TPPA) Honorary Chairman Jenny Beth Martin issued the following statement:

“Over 140 million Americans have retirement plans controlled by federal government standards. The money in those plans is meant to do one thing and one thing only – secure safe and comfortable retirements by delivering the maximum return for the account holders. Investment plan fiduciaries shouldn’t be adding in ESG factors for the simple reason that it’s not their money. It’s not their place to choose underperforming ESG investments based on political agendas. Investment firms shouldn’t put politics over profits when it comes to retirement security, and they certainly shouldn’t be doing it because the government is forcing them to do so. House Republicans are doing the will of the people by voting to overturn Biden’s DOL rule. Now, it’s up to the Senate to decide if it will stand with the people, or with Biden’s political agenda.”