{"id":2024934,"date":"2023-09-07T17:12:01","date_gmt":"2023-09-07T21:12:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gop-lawmaker-introduces-bill-to-prioritize-financial-returns-over-esg-in-retirement-savings\/"},"modified":"2023-09-07T17:14:39","modified_gmt":"2023-09-07T21:14:39","slug":"gop-lawmaker-introduces-bill-to-prioritize-financial-returns-over-esg-in-retirement-savings","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gop-lawmaker-introduces-bill-to-prioritize-financial-returns-over-esg-in-retirement-savings\/","title":{"rendered":"GOP lawmaker proposes bill to prioritize financial gains over ESG in retirement savings."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/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%2Fgop-lawmaker-introduces-bill-to-prioritize-financial-returns-over-esg-in-retirement-savings%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=2024934&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--><h2>Legislation Introduced to Prioritize Financial \u200bReturns in Retirement \u200cInvestments<\/h2>\n<p>Rep. Rick Allen (R-Ga.) has introduced a new bill that aims to change the\u2064 way financial advisers\u200c invest \u200cAmericans&#8217; \u2064retirement savings. The legislation, known as \u2062the Rollback \u200cESG To Increase Retirement Earnings (RETIRE) Act, seeks to\u2062 prioritize financial\u2062 returns over environmental, social, and governance (ESG) factors.<\/p>\n<div class=\"my-5\">\n<p>The\u200d purpose of HR 5339, \u200cthe\u2062 RETIRE \u2062Act, is to amend the Employee Retirement Income Security Act of \u20631974 and specify requirements regarding \u200dthe consideration of financial and \u200cother\u200d factors.<\/p>\n<\/div>\n<div class=\"my-5\">\n<p>Mr. Allen&#8217;s bill, introduced on Sept. 5, was accompanied by a press release on his \u200bwebsite. The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/every-state-is-now-a-border-state-indiana-ag-sues-biden-admin-over-border-policies\/\" title=\"\u2018Every State Is Now A Border State\u2019: Indiana AG Sues Biden Admin Over Border Policies\">press release cited<\/a> a \u2063Department of Labor (DOL) announcement from November \u20622022 that allowed retirement investors to consider ESG factors when selecting investments.<\/p>\n<\/div>\n<blockquote>\n<p>&#8220;President Biden will stop at nothing to inject his costly, rush-to-green agenda \u2064into every aspect of \u2064Americans\u2019\u2064 lives,&#8221; Mr.\u2063 Allen said in his press release introducing the legislation.<\/p>\n<\/blockquote>\n<p>The\u200c legislation,\u200c which has been \u200cintroduced to \u200cthe Committee on Education and \u2064the Workforce, emphasizes that fiduciaries of retirement plans should act solely in the interest of \u200cthe participants and\u200d beneficiaries.<\/p>\n<p>The bill outlines several \u200ckey\u200b provisions aimed at\u200c protecting the earnings \u200cof Americans and addressing the current administration&#8217;s rules on investment decisions.<\/p>\n<div class=\"my-5\">\n<p>&#8220;By <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gop-lawmaker-introduces-bill-to-prioritize-financial-returns-over-esg-in-retirement-savings\/\" title=\"GOP lawmaker proposes bill to prioritize financial gains over ESG in retirement savings.\">empowering financial advisers<\/a>\u2062 to invest Americans\u2019 retirement savings in \u200drisky,\u2062 climate-related ESG funds, the Department of Labor (DOL) is blatantly prioritizing its radical political agenda\u200c over\u200b Americans\u2019 hard-earned\u2064 savings,&#8221; Mr. Allen expressed.<\/p>\n<\/div>\n<div class=\"my-5\">\n<p>The DOL rule from 2022, known as \u2062the Prudence and\u2064 Loyalty in Selecting Plan Investments and \u2064Exercising Shareholder Rights, \u2064faced\u2062 criticism for \u200drestraining plans&#8217; ability to consider ESG factors. Former Secretary of Labor Marty Walsh defended the\u2064 rule,\u2063 stating\u2063 that it allows plan fiduciaries to \u2064consider the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-clears-way-for-esg-in-401ks\/\" title=\"Biden Admin Clears Way for ESG in 401(k)s\">potential financial benefits<\/a> of investing in\u200d companies committed to positive ESG actions.<\/p>\n<\/div>\n<p>The DOL \u2063rule\u200c was a response to a May 2021 executive order that aimed to protect retirement savings from <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/chamber-of-commerce-signals-opposition-to-latest-biden-fed-nominee-sarah-bloom-raskin\/\" title=\"Chamber Of Commerce Signals Opposition To Latest Biden Fed Nominee Sarah Bloom Raskin\">climate-related financial risks<\/a>. Assistant Secretary for Employee Benefits \u2062Security Lisa M. Gomez\u2064 highlighted \u2064the \u2064usefulness of ESG factors in decision-making\u200d for plan investors.<\/p>\n<p>Mr.\u2062 Allen \u200dargues\u200b that\u2063 the Biden administration&#8217;s investment rules are\u2063 an \u2062overreach of government and irresponsible\u200d for \u200cstruggling Americans. He believes that retirement plan \u200csponsors should base investment decisions \u200con financial returns.<\/p>\n<p>&#8220;Under so-called &#8216;Bidenomics,&#8217; Americans \u2062are struggling to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/cbs-anchor-muses-if-famed-walgreens-shoplifter-is-probably-getting-something-you-need-an-act-of-desperation\/\" title=\"CBS Anchor Muses If Famed Walgreens Shoplifter Is \u2018Probably Getting Something You Need,\u2019 \u2018An Act Of Desperation\u2019\">afford basic necessities<\/a> like gas \u200band groceries. The last\u2064 thing \u200chardworking taxpayers need is\u200c for their retirement savings to be depleted due to\u2064 political agendas,&#8221; he concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rep. Rick Allen (R-Ga.) proposed the RETIRE Act, which aims to prioritize financial returns in retirement savings investments. The legislation seeks to amend the Employee Retirement Income Security Act of 1974, outlining specific guidelines for the consideration of environmental, social, and governance (ESG) factors by financial advisers.<\/p>\n","protected":false},"author":1843,"featured_media":2024935,"comment_status":"open","ping_status":"closed","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":[543],"tags":[],"class_list":["post-2024934","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"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\/2024934","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\/1843"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2024934"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2024934\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2024935"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2024934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2024934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2024934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}