Anti-ESG Investing Effort Pivots to New Republican-Backed Bill

House Republicans are continuing their campaign against a US Labor Department rule on environmental, social, and governance retirement investing despite failing to override President Joe Biden’s veto of a resolution to kill it.

Republican Reps. Andy Barr (Ky.) and Virginia Foxx (N.C.) are working with former DOL Secretary Eugene Scalia on legislation that would modify the Employee Retirement Income Security Act of 1974, Barr told Bloomberg Law. Their aim is to ban retirement plan fiduciaries from considering factors that aren’t strictly financial, like ESG, when investing in retirement accounts, he said.

Biden already vetoed Barr’s bipartisan proposal ...