U.S. Senator Bill Cassidy, M.D. (R-LA), ranking member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, this week delivered a speech on the Senate floor responding to President Biden’s plan to veto the Congressional Review Act (CRA) resolution overturning the Biden administration rule authorizing asset managers to prioritize environment, social and governance (ESG) factors over the financial success of their clients’ retirement savings. On Wednesday, the U.S. Senate passed the CRA by a bipartisan vote of 50 to 46. The CRA previously passed the U.S. House of Representatives by a bipartisan vote of 216 to 204.
The Senate HELP Committee has jurisdiction over the retirement accounts impacted by the Biden administration rule.
“Congress voted, on a bipartisan basis, to end this ESG rule and stand up for the American workers who diligently saved and depend on a rate of return to securely retire,” said Dr. Cassidy. “The president announced he will veto this effort… jeopardiz[ing] 152 million Americans who are planning for their future to fulfill his political goal.”
“Those investment managers helping to plan the retirement of these workers should help these workers achieve their best retirement plans. That is not necessarily the goal of the Biden administration, it is not necessarily the goal of academia, or the environmental activist. But it is the savers’ money, not Joe Biden’s,” concluded Dr. Cassidy. “Supporting American workers means supporting their jobs now and supporting their retirement savings…I urge [President Biden] to sign this bill.”
The ESG rule impacts 152 million Americans who have a retirement savings account regulated under the Employee Retirement Income Security Act (ERISA), totaling more than $11.7 trillion in assets.
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