After introducing a bill to kill Biden's ESG rule for retirement plans, Rep. Andy Barr is expecting bipartisan support to steer Americans' savings away from politics.
President Joe Biden's proposal requiring private fiduciaries to make ESG considerations in retirement portfolios will"hurt America's retirement security," Rep. Andy Barr, R-Ky., said on"Fox & Friends" Tuesday, February 28, 2023.
"Eight out of 10 Americans are concerned whether or not they're going to be able to afford a comfortable retirement," Barr said Tuesday. "Now is not the time to put politics or climate or social justice or other political factors ahead of financial performance in 401s and other retirement plans."in revoking the ESG considerations, Barr expressed confidence that more Democrats will join their efforts.
"ESG by itself," Manchin told FOX Business' Grady Trimble Tuesday morning on Capitol Hill, "it just could kill our whole economy as far as in America, basically, if everything's going to be determined on just that. It should be considered, but it should also be geopolitical risk that we're taking by not doing certain things… Look what happened in Europe. Talk to the Europeans right now.
"Americans don't want their retirement politicized… They want financial performance; they want investment returns.
Barr further argued that Biden’s threat to veto the bill when it gets to the president’s desk will "hurt"Here's the sad reality," Barr pointed out, "that over the last five years, if you were invested in ESG funds, your returns would be 250 basis points less than if you were in broadly diversified funds... Why? Because energy stocks have outperformed the broader market over the last year significantly.
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