Providing for Congressional Disapproval of the Rule Submitted By the Department of Labor Relating to ``Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights''--veto Message From the President of the United States (H. Doc. No.
Floor Speech
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Ms. FOXX. Madam Speaker, for purposes of debate only, I yield the customary 30 minutes to the gentleman from Virginia (Mr. Scott), the ranking member of the Committee on Education and the Workforce, pending which I yield myself such time as I may consume. General Leave
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Ms. FOXX. Res. 30.
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Ms. FOXX. Madam Speaker, I rise in support of overriding President Biden's veto of H.J. Res. 30, a Congressional Review Act resolution nullifying the Biden administration's attempt to politicize the retirement savings of Americans.
This is deja vu for the American people. With this veto, the President once again insists on undermining the financial security of the very people who elected him.
Republicans will stand with American workers and retirees in protecting their savings.
ESG investing puts the future of millions of Americans in jeopardy when they are already facing economic hardships and inflation brought on by this administration's reckless spending.
The President says H.J. Res. 30 would make it, ``. . . illegal to consider risk factors . . .'' but that statement is blatantly false and misleading.
The Trump rule, which H.J. Res. 30 would reinstate explicitly states, ``Nothing in the final rule is intended to or does prevent a fiduciary from appropriately considering any material risk with respect to an investment.''
Last year, the Department of Labor, DOL, published a rule encouraging retirement plan fiduciaries to consider ESG factors when making investment decisions. Biden protected this rule with his veto.
Now, thanks to Democrats, workers can be placed into ESG investment vehicles by default. If a fiduciary finds that two investments are equal, the fiduciary is allowed to use collateral ESG factors to break the tie without justifying or documenting that decision.
This is especially concerning since ESG investments often underperform and are riskier than other investment strategies.
The left is using ESG investment criteria as a political tool to cudgel companies into accepting leftist policies. If we do not override this veto, the left will use ESG investing to push noncompliant companies out of the marketplace.
Congress debated and it came to the bipartisan conclusion to overturn the Biden rule. Now the administration persists through executive fiat.
Americans invest to secure their future, not to fund the Green New Deal or leftist pet projects. That is why I supported the resolution to nullify the Biden administration's destructive rule.
Madam Speaker, I urge my colleagues to quit playing petty politics and vote in accordance with the best interests of the American people.
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Ms. FOXX. Madam Speaker, I am prepared to close if the gentleman from Virginia is prepared to close.
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Ms. FOXX. Madam Speaker, I yield myself the balance of my time.
I obviously disagree with my colleague on the other side of the aisle that a compelling argument to override the veto has not been made. I believe that we have offered a compelling argument.
I believe there are two points of view on what my colleague said about the successes of what our colleagues on the other side of the aisle have done for the last 2 years.
We have the highest debt that we have ever had in this country. We are staggering under an inflation rate that is historic, and so we obviously don't think what we have inherited from the last 2 years of total Democratic dominance in this country is positive.
I think we can make a small attempt to make some changes here by overriding the President's veto. I urge even my Democratic colleagues to vote ``yes'' to protect workers and retirees. Override the President's veto.
Madam Speaker, I yield back the balance of my time.
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