CAPITO VOTES TO OVERTURN BIDEN RULE POLITICIZING AMERICANS' 401KS, CHALLENGE PASSES SENATE

Statement

Today, U.S. Senator Shelley Moore Capito (R-W.Va.) voted in favor of a Congressional Review Act of Disapproval -- led by U.S. Senator Mike Braun (R-Ind.)--regarding the Biden administration's Department of Labor rule allowing retirement plan fiduciaries to consider environmental, social, governance (ESG) factors in their investment actions. This disapproval resolution passed the Senate, and now heads to President Joe Biden's desk, upon which he has said he will veto.

"Americans who work today and save for tomorrow need to optimize their returns to afford life in retirement. The administration's ill-advised ESG rule pressures financial experts to shift potential gains away from American retirees and into the White House's radical climate agenda. My colleagues and I sent a clear message to President Biden regarding his rampant overreach today. It is my hope that the president does not follow through on his veto threat, and instead acknowledges the bipartisan, bicameral rejection of this misguided policy," Senator Capito said.

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