Bloomberg Law
Feb. 7, 2023, 8:00 PM

Anti-ESG Pressure Mounts as GOP Tries to Block 401(k) Rule Again

Austin R. Ramsey
Austin R. Ramsey
Diego Areas Munhoz
Diego Areas Munhoz
Hill Reporter

Lawmakers on Capitol Hill have reintroduced legislation that would void a new US Labor Department rule permitting socially conscious retirement investing.

Rep. Andy Barr (R-Ky.), chairman of the House Subcommittee on Financial Institutions and Monetary Policy, submitted one of two Congressional Review Act (Pub.L. 104-121) measures in the House and Senate that would bar the DOL’s Employee Benefits Security Administration from enforcing the rule.

American retirement assets will suffer under the politically motivated rule, Barr said in a statement. The rule, which formally took effect last week, threatens to hobble workforce retirement accounts at a time of “economic ...

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