WASHINGTON – U.S. Senator Jerry Moran (Kan.) today voted to support and pass a disapproval resolution under the Congressional Review Act (CRA) regarding a Department of Labor (DOL) rule on how retirement plans are managed and invested.

The Employee Retirement Income Security Act of 1974 (ERISA) covers most employer-sponsored retirement plans, and the Employee Benefits Security Administration within the DOL is responsible for enforcing rules on how these retirement plans are invested.

Last year, the DOL released a rule to allow retirement plan fiduciaries to consider environmental, social and corporate governances (ESG) factors over financial returns when selecting investments for the retirement plans of more than 150 million American workers. This resolution enables Congress to express disapproval and nullify the rule.

“The 401(k) accounts of millions of Americans are not a political tool for the Biden administration to use to further its agenda,” said Sen. Moran. “I voted to overturn the Department of Labor’s rule that would allow asset managers to prioritize ESG factors over the best financial returns for Americans' retirement accounts. I encourage the President to listen to the representatives of the people and sign this resolution to nullify the rule.”

This resolution has passed the U.S. House of Representatives and now goes to the President to be signed or vetoed.
 

# # #