BREAKING: The House has voted to cancel a Labor Department rule that allows retirement plan managers to weigh environmental and social issues when making investments. The House voted 216-204, largely along party lines, to roll back the rule.
While proponents of ESG goals see it as a way that the financial world can exact social change, such as mitigating climate change, Republicans see the push as an attempt to distort the free market and the culture of the country through capital and influence.
While Republicans might also work to gain the support of centrist Sen. Kyrsten Sinema , Manchin’s backing seems to clear the way for the resolution to pass through the Senate and land on Biden’s desk for a veto. That is because Sen. John Fetterman is hospitalized and is expected to continue to be so in the coming days.
Before being taken up under the Congressional Review Act, the Labor Department’s ESG rule also faced a torrent of criticism from Republican officials at the state level.
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