Murphy Calls Out ‘Woke’ ESG Ruling: “Congress cannot allow President Biden’s liberal agenda to derail retirement savings”

Washington, D.C. – Today, Rep. Greg Murphy, M.D. (NC-03) released the following statement in response to the U.S. Department of Labor’s (DOL) misguided final rule, which would allow retirement plan managers to prioritize so-called environmental, social, governance (ESG) plan investments over their long-standing duty to protect the financial interests of workers and retirees:

“This final rule proves once again that the Biden administration prioritizes political virtue signaling over safeguarding investment options for retirement savings,” said Rep. Murphy. “This politically motivated final rule is more evidence that we need legislation that includes an enforcement action under Title II of ERISA to protect hardworking Americans.”

“Employers and advisors have a fiduciary responsibility to maximize returns for American workers and families,” Rep. Murphy continued. “Congress cannot allow President Biden’s liberal agenda to derail investment returns for seniors and savers. It’s no wonder the Biden Administration buried this announcement during the Thanksgiving holiday.”

Background:

The Biden administration’s final rule rolls back a Trump-era amendment to ERISA which previously banned employers and advisors from considering any factors other than financial performance considerations when evaluating assets for a retirement portfolio.

In October 2022, Rep. Murphy introduced the Safeguarding Investment Options for Retirement Act to prevent ‘woke’ ESG factors from dictating investment returns. The legislation would impose strict enforcement measures to ensure the administration’s ESG priorities do not hinder Americans’ retirement savings.

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