Providing for Congressional Disapproval of the Rule Submitted By the Department of Labor Relating to ``Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights''

Floor Speech

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Mr. ALLEN. Mr. Speaker, over the past 2 years, one thing has become clear: This administration cares more about advancing its radical Green New Deal agenda than about the financial well-being of the American people.

We have seen it with their energy policy, but the latest example is the Biden administration's rule to inject woke ESG factors into workers' retirement accounts.

Thanks to President Biden's economic policies, workers' retirement savings were down 10 percent in 2022 compared to 2021. Why is this administration doubling down to further jeopardize Americans' retirement?

Retirement plan sponsors have two responsibilities to their clients: maximize returns and minimize risk. The Biden rule would allow asset managers to impose a political agenda on Americans at the expense of retirement savings.

The Biden administration should not be jeopardizing Americans' retirement by allowing plan managers to gamble their savings on ESG funds that have proven to be riskier and charge steeper fees.

That is why I cosponsored this bill with my friend, Andy Barr, to use our authority to nullify the Biden rule and protect Americans' hard-earned retirement savings from politically motivated mismanagement.

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