Congressman Nick Langworthy Supports Retirees, Calls Out Woke Justice Seekers for Using Retirement Benefits to Promote Their Green New Deal Agenda

WASHINGTON, DC – Today, Congressman Nick Langworthy voted to strike down the Department of Labor’s published final rule allowing retirement plan investment managers to consider Environmental, Social, and Governance (ESG) factors when making investment decisions and exercising shareholder rights. This rule was removed by the Trump administration.

“Hardworking Americans who have invested their hard-earned dollar into a retirement plan shouldn’t have to worry about woke social justice warriors meddling with their retirement income,” said Congressman Langworthy. “The Department of Labor rule would have completely cut out employees and removes transparency tools so people can monitor how their savings are being used. Our workers and seniors should have complete confidence that their money is being invested to get the best rate of return, not being used to satisfy a political agenda.”

Background:

• The rule was issued at the direction of two Biden executive orders titled “protecting Public Health and the Environment and Restoring Science to Tackle the Climate Crisis” and “Climate-Related Financial Risk.”
• DOL expressly stated that the ESG factors in their decision-making, which allows investment managers to further their own left-wing policy preferences.
• DOL’s explanation of the rule lists ESG factors that DOL believes may be relevant to investment performance, including the effects of climate change, board composition, progress on workforce diversity and inclusion, and labor relations. 
• DOL’s explanation of the rule also inappropriately lists collateral “benefits” that may be used to break a tie. 
• ESG funds have underperformed for years. Additionally, investors are exposed to more risk when investing in ESG. Both situations can leave American savers with less. 

Congressman Nick Langworthy represents the 23rd Congressional District of New York which includes Allegany, Cattaraugus, Chautauqua, Chemung, Schuyler, and Steuben Counties and parts of Erie County. Visit langworthy.house.gov.

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