Press Releases

Today, Congressman Rick W. Allen (GA-12) released the following statement on President Biden’s veto of H.J. Res. 30, which would overturn a Department of Labor (DOL) rule that allows retirement plan managers to consider environmental, social, and governance (ESG) factors:

“In vetoing this resolution, President Biden has disregarded the collective will of the American people. Americans don’t want political ideology injected into their retirement accounts; they want to protect and continue to grow their savings to live comfortably. This proposed rule is extremely inappropriate, and it would introduce unnecessary risk into the financial futures of millions.

“This administration’s failed economic policies have already made it harder to save for retirement, and Americans shouldn’t have to worry about their hard-earned money being gambled away on woke ESG funds – which we know carry greater risk and charge steeper fees.

“President Biden is now clinging desperately to a rule that Congress rejected on a bipartisan basis and sent to his desk. When he should have respected the will of the American people, the president doubled down and vetoed this resolution instead.”

BACKGROUND:

Congressman Allen co-introduced H.J. Res 30 and spoke in support of the resolution during formal debate on the House Floor.

Last session, Congressman Allen also introduced H.R. 7151, the Ensuring Sound Guidance Act alongside Congressman Andy Barr (KY-06). This bill would ensure retirement account managers consider pecuniary (i.e., monetary) factors when making decisions on behalf of their clients.

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