Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Labor relating to "Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights".
Summary
H.J.Res. 30 is a resolution that sought to overturn a Department of Labor rule allowing retirement plan managers to consider environmental, social, and governance (ESG) factors—such as climate change—when selecting investments for 401(k)s and pensions. If enacted, the bill would have required these managers to focus more strictly on traditional financial metrics, effectively preventing them from using social or environmental impacts as a basis for investment decisions. Although the resolution passed both the House and Senate, it was vetoed by the President in March 2023, meaning the current rule allowing the consideration of ESG factors remains in effect.
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