House Passes Barr Resolution Blocking Biden's Politicization of Retirement Accounts

Press Release

Today, House Republicans passed legislation championed and led by U.S. Congressman Andy Barr (R-KY) to block the U.S. Department of Labor rule greenlighting environmental, social, and governance (ESG) investing in employer-sponsored retirement plans. Congressman Barr's Congressional Review Act (CRA) measure would prevent this rule and any other similar rule from taking effect. U.S. Senator Mike Braun (R-IN) is leading companion legislation in the Senate.

"Americans are suffering from a $3.8 trillion savings gap that is jeopardizing retirement for millions. That's why Congress must dig in and prevent the Biden Administration from greenlighting any attempt to elevate a political agenda ahead of delivering maximum financial security so that seniors can live comfortably in retirement." U.S. Congressman Andy Barr (R-KY), Chairman of the House Financial Services Subcommittee on Financial Institutions and Monetary Policy.

"Democrats should not play politics with your retirement account. The Biden Administration is allowing financial managers to make decisions that prioritize left-wing environmental and social issues ahead of maximizing returns for retirees. Thank you, Congressman Barr, for leading the fight against the Biden Department of Labor's woke ESG agenda, which would impact the retirement funds of more than 152 million Americans. House Republicans will always stand up for the millions of hardworking men and women saving for their retirement," said House Majority Leader Steve Scalise (R-LA).

"Americans' hard-earned retirement money should not be subjected to Joe Biden and the Democrats' woke agenda. House Republicans will not stand by and allow the Biden administration to use American retirees' 401k dollars to prioritize liberal political causes over investments that put their financial futures first," said House Majority Whip Tom Emmer (R-MN).

"President Biden's ESG rule puts the future of millions of Americans in jeopardy, especially retirees who have been adversely affected by inflation. The Left wants to use ESG investing to advance its radical green agenda while pushing companies that they do not agree with out of the marketplace. That's wrong and it is why I fully support a Congressional Review Act resolution to hold this administration accountable and to ensure retirement plans focus solely on workers' financial interests, not liberal pet projects. As the Chairwoman of the Education and the Workforce Committee, I will continue to protect the retirement savings of workers, retirees, and their families," said Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC).

"The federal government should not be making it more difficult for Americans to grow their retirement and plan for their future. Sadly, this is a growing trend in the Biden Administration and their unelected bureaucrat allies in Washington. I applaud my friend and colleague Andy Barr for using the Congressional Review Act to repeal this overreach by the Department of Labor," said U.S. Congressman Bill Huizenga (R-MI), a senior member of the House Financial Services Committee and the Chairman Financial Services Committee ESG Working Group.

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