Sen. Joe Manchin joined every GOP senator in introducing legislation that would kill President Biden's ESG rule that would affect the retirement savings of 152 million Americans.
The 'Outnumbered' panel discussed Biden posing with the luxury electric SUV as consumer prices continue to soar.Every Republican senator and Democrat Joe Manchin are introducing legislation that they hope will terminate the Biden administration's newrule, which they say"politicizes" the retirement savings for 152 million Americans.
The Biden administration's Department of Labor unveiled a rule in November, set to go into effect on Jan. 30, that allows retirement plan managers to factorThe bipartisan disapproval resolution led by Sen. Mike Braun, R-Ind., will be introduced Wednesday and a companion bill in the House will be introduced by Rep. Andy Barr, R-Ky. Congressional passage of the resolution will allow Congress to overrule the administration and kill the regulation.
"President Biden is jeopardizing retirement savings for millions of Americans for a political agenda," Braun told Fox News Digital.Sen. Mike Braun, R-Ind., is leading a bipartisan disapproval resolution. "In a time when Americans’ 401s have already taken such a hit due to market downturns and record high inflation, the last thing we should do is encourage fiduciaries to make decisions with a lower rate of return for purely ideological reasons. That’s why we are proud to stand up against this rule for the millions of Americans who depend on these funds for their retirement," the senator from Indiana continued.
A group of 25 states last week filed a federal lawsuit against the Biden administration over the rule, which Utah Attorney General Sean Reyes says would put millions of Americans' safety net retirement plans"at risk."
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