FOR IMMEDIATE RELEASE
March 1, 2023
Senate Votes to Nullify DOL Rule that Safeguards Workers’ Retirement Security
Washington, D.C. – The Senate passed a resolution today to nullify a Department of Labor rule that protects workers and their life savings, following on the heels of yesterday’s House vote. President Biden has indicated that he will veto the resolution.
“Those who voted for this misguided resolution voted against safeguarding workers’ retirement security, increasing their investment choices, and enhancing their shareholder power,” said Natalia Renta, senior policy counsel for corporate governance and power at Americans for Financial Reform. “They chose the side of powerful corporate interests that have long attempted to roll back progress on workers’ rights, racial equity, climate change, and other ESG issues with clear financial implications.”
This vote is part of a larger Republican effort — unpopular with voters — to oppose ESG investing. This anti-ESG effort has faced significant setbacks at the state level in recent months, including in Wyoming, North Dakota, Arizona, Indiana, and Kentucky.
“Republicans’ attempts to imbue ‘ESG’ with false meaning, vilify it, and legislate against it has suffered numerous, recent failures at the state level,” said Renta. “Federal legislators should take heed and stop their attacks on workers, their money, and their future.”
Read our letter to the Hill for more information. The letter was co-led by Americans for Financial Reform and Public Citizen and has over 60 organizational signatories.