Restrictions against retirement fund managers considering environmental, social, and governance factors in their investment choices would be codified into federal law, under legislation proposed by Republican senators.
Sens. Bill Cassidy (R-La.) and Jim Banks (R-Ind.) unveiled a pair of bills Friday that would require fiduciaries for 401(k) accounts and pension funds to consider only financial factors, and would mandate that employer-sponsored plans provide employees certain information about fiduciary-managed versus self-selected investments.
The measures follow a House committee’s advancement of similar legislation in June. Republicans’ latest congressional efforts build on previous attempts to block what they criticized as a “woke” Biden ...
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