WASHINGTON – U.S. Sen. Ron Johnson (R-Wis.) joined U.S. Sen. Mike Braun (R-Ind.) and 48 of their colleagues in introducing a bipartisan challenge to President Biden’s ESG rule, which politicizes millions of Americans’ retirement investments to favor the Biden administration’s ideological preferences rather than getting the best returns for Americans.

Background:

1. A recent Biden rule allows fiduciaries to consider ideological factors when investing, rather than just rate of return
2. “ESG” funds tend to have lower rates of return, meaning the Biden administration is jeopardizing 152 million Americans’ retirement to support their political agenda
3. A floor vote is guaranteed on this challenge, which can pass Congress with simple majorities in both chambers

Representative Andy Barr is leading the House version of the legislation.

“Democrats are implementing their destructive agenda into every aspect of our lives, including investment decisions of 401(k) plans. Record-high inflation – driven by the Biden administration’s out of control spending – wiped out the wage gains of working families and hurt seniors on a fixed income. This rule jeopardizes Americans’ retirement savings to promote the lefts’ political agenda. I’m proud to support my colleagues in rejecting the Biden administration’s assault on Americans’ financial security” said Sen. Johnson.

“President Biden is jeopardizing retirement savings for millions of Americans for a political agenda. In a time when Americans’ 401(k)s have already taken such a hit due to market downturns and record high inflation, the last thing we should do is encourage fiduciaries to make decisions with a lower rate of return for purely ideological reasons. That’s why we are proud to stand up against this rule for the millions of Americans who depend on these funds for their retirement,” said Sen. Braun.

Sens. Johnson and Braun are joined by Senators Mitch McConnell (R-Ky.), John Thune (R-S.D.), John John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), John Boozman (R-Ark.), Ted Budd (R-N.C.), Katie Britt (R-Ala.), Bill Cassidy (R-La.), Shelley Moore Capito (R-W.Va.), Susan Collins (R-Maine), John Cornyn (R-Texas), Tom Cotton (R-Ark.), Kevin Cramer (R-N.D.), Mike Crapo (R-Idaho), Ted Cruz (R-Texas), Steve Daines (R-Mont.), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.), Lindsey Graham (R-S.C.), Chuck Grassley (R-Iowa), Bill Hagerty (R-Tenn.), Josh Hawley (R-Mo.), John Hoeven (R-N.D.), Cindy Hyde-Smith (R-Miss.), John Kennedy (R-La.), James Lankford (R-Okla.), Mike Lee (R-Utah), Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kan.), Jerry Moran (R-Kan.), Markwayne Mullin (R- Okla.), Lisa Murkowski (R-Alaska), Rand Paul (R-Ky.), Pete Ricketts (R-Neb.), Jim Risch (R-Idaho), Mitt Romney (R-Utah), Mike Rounds (R-S.D.), Marco Rubio (R-Fla.), Eric Schmitt (R-Mo.), Rick Scott (R-Fla.), Tim Scott (R-S.C.), Dan Sullivan (R-Alaska), Thom Tillis (R-N.C.), Tommy Tuberville (R-Ala.), J.D. Vance (R-Ohio), Roger Wicker (R-Miss.), Todd Young (R-Ind.) and Joe Manchin (D-W. Va.).

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