A Republican drive to prevent pension fund managers from considering factors like climate change in their investment decisions gained momentum on Wednesday, as a second U.S. Senate Democrat said he would support the measure in an afternoon vote.
"I'm opposing this Biden Administration rule because I believe it undermines retirement accounts for working Montanans and is wrong for my state," Tester said in a statement.
The resolution would block the Labor Department from enforcing a rule that makes it easier for plan managers to consider environmental, social and corporate governance issues in their investment decisions and when exercising shareholder rights, such as through proxy voting. The political battle marks the latest clash in a Republican war against what they decry as "woke" business practices that is likely to intensify as the 2024 presidential campaign gets under way.
Senate Democratic leader Chuck Schumer accused Republicans of interfering with private investing decisions, saying on the Senate floor that they are "forcing their own views down the throats of every company and every investor."
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