The movement to inject climate change and social justice politics into corporate boardrooms and investment strategies has suffered a series of setbacks in the past year, including getting shut out of a dozen states and getting pummeled by lawsuits and congressional investigations.
“Hell, I don’t want anybody who I’m turning my money over to have any consideration other than to give me the best return,” Sen. Mike Braun, Indiana Republican, told The Washington Times. “Pushing ideology through retirement and hard-earned investment funds does not make sense to me.” It’s a numbers game in the Senate, where Republicans need just one more Democrat to pass the resolution. The Senate must vote within 60 legislative calendar days from Sunday, the exact timing of which is at the discretion of Majority Leader Charles E. Schumer, New York Democrat.
“These asset managers are violating their fiduciary duties by failing to maximize their returns and instead push a partisan political agenda,” Mr. Reyes told The Times. “The Biden rule weaponizes and politicizes the role of asset managers at a time when 401s are already taking major hits due to economic downturns and high inflation.”
He said to anticipate public hearings on ESG, testimony from investment firms about their climate-friendly strategies and informational sessions about a topic that is unfamiliar to many lawmakers from both sides of the aisle.