Ranking Member Cassidy Joins Braun, Colleagues to Overturn Biden's New ESG Rule

Press Release

Today, U.S. Senators Bill Cassidy, M.D. (R-LA), Ranking Member of the Senate Committee on Health, Education, Labor and Pensions (HELP) joined U.S. Senator Mike Braun (R-IN) and 48 of their senate colleagues in introducing a Congressional Review Act to overturn the Biden administration rule authorizing asset managers to prioritize environment, social and governance (ESG) when making investment decisions with their clients' retirement savings. The rule would impact 152 million Americans who have a retirement savings account regulated under the Employee Retirement Income Security Act (ERISA), totaling more than $11.7 trillion in assets. The CRA is supported by the entire Republican conference, including all 10 Republicans on the HELP Committee, and U.S. Senator Joe Manchin (D-WV).

"President Biden's ESG rule authorizes asset managers to prioritize funding left-wing causes over the success of their client's retirement savings," said Dr. Cassidy. "This administration is jeopardizing the retirement of 152 million Americans and using their money to fund a political agenda."

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