Anti-ESG Measure Ditching Biden 401(k) Rule Wins House Approval

The House has passed a measure that would tank the US Labor Department’s new ESG retirement investing rule, teeing up a vote in the Senate and buoying a bill that could force President Joe Biden to use his first veto.

The GOP-led Congressional Review Act measure passed 216-204 Tuesday, on a mostly party-line vote with Rep. Jared Golden (D-Maine) being the sole Democratic defection. It would block the department from enforcing the rule, which allows retirement plan decision makers called fiduciaries to consider environmental, social, and corporate governance implications when selecting and monitoring investments.

But the rule has met fierce ...