Published 4 hours ago
Biden admin risks Americans' retirement accounts to push climate agenda, GOP leaders in 24 states warn
Rule threatens Americans' retirement funds by prioritizing 'speculative and immaterial risks' from climate change over real returns, Republicans say
By Tyler O'Neil FOXBusiness
FIRST ON FOX: Attorneys general and treasurers from 24 states urged the Biden administration to drop a proposed regulation that would require retirement investment managers to prioritize climate change concerns while managing American employees' retirement portfolios.
The Department of Labor's Employee Benefits Security Administration submitted a rule that "would irrationally require fiduciaries to elevate immaterial and speculative risks in employee retirement savings investment decisions," the state leaders wrote in the letter, first provided to FOX Business. "Instead, fiduciaries must be held to their duties of prudence and loyalty by considering only the material financial or pecuniary factors of each potential investment."
Utah Republican officials – Attorney General Sean Reyes, Treasurer Marlo Oaks, and State Auditor John Dougall – led the letter, which Republican officials from Alabama, Alaska, Arizona, Arkansas, Florida, Georgia, Idaho, Indiana, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, North Carolina, North Dakota, Ohio, Oklahoma, South Carolina, Texas, West Virginia and Wyoming joined.
The letter notes that the Employee Retirement Income Security Act's (ERISA) rules bar fiduciaries – entities entrusted with employee retirement funds – from subordinating "the interests of retirement plan participants and beneficiaries to unrelated or other objectives."
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https://www.foxbusiness.com/politics/biden-admin-rule-risks-americans-retirement-accounts-gop-leaders-across-the-nation-warn
