A joint resolution 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
This joint resolution seeks to overturn a Department of Labor rule that allows retirement plan managers to consider environmental, social, and governance (ESG) factors when selecting investments. If passed, the resolution would reinstate stricter requirements that prioritize financial returns above all other considerations for employer-sponsored retirement accounts like 401(k) plans. For everyday citizens, this means their retirement fund managers would be restricted from using non-financial criteria, such as climate change or social impact, as a basis for investment decisions or shareholder voting.
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