{"id":1873220,"date":"2023-03-09T16:42:39","date_gmt":"2023-03-09T21:42:39","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/kevin-mccarthy-signs-bill-killing-bidens-esg-rule-for-retirement-plan-investments\/"},"modified":"2023-03-09T16:52:09","modified_gmt":"2023-03-09T21:52:09","slug":"kevin-mccarthy-signs-bill-killing-bidens-esg-rule-for-retirement-plan-investments","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/kevin-mccarthy-signs-bill-killing-bidens-esg-rule-for-retirement-plan-investments\/","title":{"rendered":"Kevin McCarthy Signs Bill Killing Biden\u2019s ESG Rule For Retirement Plan Investments"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fkevin-mccarthy-signs-bill-killing-bidens-esg-rule-for-retirement-plan-investments%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1873220&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div>\n<div>\n<div>\n<figure>\n<p>         <span>Image Credit<\/span>Victoria Marshall       <\/p>\n<\/figure><\/div>\n<p>&#8220;President Biden is prioritizing politics over his own people,&#8221; Kevin McCarthy, House Speaker, said during a ceremony to sign a bill that would invalidate a Department of Labor rule which allowed retirement plan investors to prioritise financial benefits over environmental or socio factors (ESG).<\/p>\n<figure>\n<p><span><\/p>\n<blockquote data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">This is happening now: I&#8217;m about the sign the first bipartisan bill this year, and then I will send it to the White House. It blocks Biden\u2019s woke ESG agenda. Workers are favored over Wall Street. <a href=\"https:\/\/t.co\/cXauyBoTrv\">https:\/\/t.co\/cXauyBoTrv<\/a><\/p>\n<p>\u2014 Kevin McCarthy (@SpeakerMcCarthy) <a href=\"https:\/\/twitter.com\/SpeakerMcCarthy\/status\/1633858508092506113?ref_src=twsrc%5Etfw\">March 9, 2023<\/a><\/p><\/blockquote>\n<p><\/span> <\/p>\n<\/figure>\n<p>The rule at issue, which was implemented in December 2022. It removes a Trump-era protection that required investment plan fiduciaries evaluate investments solely based on whether they improve retirement savings. However, now investment plan fiduciaries may place retirement savings into ESG funds without employee consent. ESG funds are still a significant part of the overall investment portfolio. <a href=\"https:\/\/www.wsj.com\/articles\/esg-does-neither-much-good-nor-very-well-evidence-composite-scores-impact-reports-strategy-jay-clayton-rating-agents-11663006833\" target=\"_blank\" rel=\"noreferrer noopener\">Underperform<\/a>More investors are available to you <a href=\"https:\/\/www.wsj.com\/articles\/risks-of-esg-funds-11631539404?mod=searchresults_pos1&#038;page=1\" target=\"_blank\" rel=\"noreferrer noopener\">Risk<\/a>They charge higher fees that traditional investment funds. This can lead to a decrease in retirement savings.<\/p>\n<p>&#8220;Hardworking Americans don&#8217;t need a regulation from Washington that steers them into higher fee, lower performing, less diversified funds, and that&#8217;s what these so-called ESG funds are,&#8221; Rep. Andy Barr (R.KY), who introduced the bill to Congress said. &#8220;Where people who are invested in ESG \u2014 unwittingly and without their consent in many cases \u2014 they suffer losses far greater than the average investor who is broadly and diversely invested across the board. And it&#8217;s true: these funds carry 43 percent higher fees which also eat their returns.&#8221;<\/p>\n<p>House Majority Whip Steve Scalise, R-LA, was also present at signing. <\/p>\n<p>&#8220;[American taxpayers] deserve to have the highest rate of return so that they can enjoy retirement to the fullest,&#8221; Scalise said. &#8220;And so President Biden&#8217;s got a choice. When Speaker McCarthy signs this bill and sends it over to The White House, President Biden&#8217;s got a choice. He&#8217;s gonna have to pick between billionaire elites and hardworking taxpayers who just want to have the best retirement possible after decades of working and paying into the system.&#8221;<\/p>\n<p><a href=\"https:\/\/www.congress.gov\/bill\/118th-congress\/house-joint-resolution\/30\" target=\"_blank\" rel=\"noreferrer noopener\">House Joint Resolution 30<\/a> This bill is the first to be passed by both the House of Representatives and the Senate in the 118th Congress. Now the bill will go to President Biden&#8217;s desk, where it is likely to be approved. <a href=\"https:\/\/abcnews.go.com\/Politics\/biden-poised-1st-presidential-veto-newly-divided-congress\/story?id=97564310\" target=\"_blank\" rel=\"noreferrer noopener\">be vetoed<\/a>. This bill is part Speaker McCarthy&#8217;s <a href=\"https:\/\/www.speaker.gov\/commitment\/\" target=\"_blank\" rel=\"noreferrer noopener\">America&#8217;s commitment<\/a>A policy agenda for House Republicans, which focuses on a strong economic, a safe country, and a transparent government.<\/p>\n<hr>\n<p> Victoria Marshall is a staff journalist at The Federalist. Her writing has appeared in The Federalist, National Review, Townhall, and the New York Post. Hillsdale College, where she studied journalism and politics, graduated her in May 2021. Follow her @vemrshll on Twitter<\/p>\n<\/p><\/div>\n<div data-image data-amount=\"5\">\n<h2>Popular<\/h2>\n<ul>\n<li><a href=\"http:\/\/thefederalist.com\/#\"><\/a><\/li>\n<li><a href=\"http:\/\/thefederalist.com\/#\"><\/a><\/li>\n<li><a href=\"http:\/\/thefederalist.com\/#\"><\/a><\/li>\n<li><a href=\"http:\/\/thefederalist.com\/#\"><\/a><\/li>\n<li><a href=\"http:\/\/thefederalist.com\/#\"><\/a><\/li>\n<\/ul><\/div>\n<\/p><\/div>\n<p><\/p>\n<hr>\n<p>&#8220;From <a href=\"https:\/\/thefederalist.com\/2023\/03\/09\/kevin-mccarthy-signs-bill-killing-bidens-esg-rule-for-retirement-plan-investments\/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=kevin-mccarthy-signs-bill-killing-bidens-esg-rule-for-retirement-plan-investments\">Kevin McCarthy Signs Bill Killing Biden\u2019s ESG Rule for Retirement Plan Investments<\/a>&#8221;<\/p>\n<hr>\n<p><span style=\"font-size:11px\"><em>&#8220;The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily&#8221;<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image CreditVictoria Marshall &#8220;President Biden is prioritizing politics over his own people,&#8221; Kevin McCarthy, House Speaker, said during a ceremony to sign a bill that would invalidate a Department of Labor rule which allowed retirement plan investors to prioritise financial benefits over environmental or socio factors (ESG). This is happening now: I&#8217;m about the sign &hellip;<\/p>\n","protected":false},"author":1130,"featured_media":1898078,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[546],"tags":[3706,7003,12390,3660,4992,3663,4025,7620,6610,3785],"class_list":["post-1873220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-federalist","tag-bidens","tag-esg","tag-investments","tag-kevin","tag-killing","tag-mccarthy","tag-plan","tag-retirement","tag-rule","tag-signs"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1873220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1130"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1873220"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1873220\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1898078"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1873220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1873220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1873220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}