Senator Joe Manchin was in the news recently for siding with the Republicans. He’s done that before, but he always seems to cave at the last minute when it suits the Democrats. After the last fiasco when he voted for the Inflation Reduction Act after the Democrats promised him a reform of the energy permitting process (article here), and then the Democrats reneged on their promise, he might actually stand strong this time.
On February 7th, The New York Post reported:
A Republican-led group of 50 US senators is aiming to reverse a Biden administration-backed rule that they claim is effectively “politicizing Americans’ 401(k)s” by allowing retirement managers to consider environmental, social and governance standards — known as “ESG.”
The group, which includes all 49 Republican senators as well as moderate Democratic Sen. Joe Manchin of West Virginia, is targeting a Labor Department rule change that took effect on Jan. 30.
Sen. Mike Braun (R-Ind.), who introduced the resolution alongside Rep. Andy Barr (R-Ky.), said the Biden-backed ESG investment rule change was effectively “jeopardizing retirement savings for millions of Americans for a political agenda.”
“In a time when Americans’ 401(k)s 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,” Braun said in a statement.
According to Congress.gov, the following bill was introduced on February 13th:
S.391 – A bill to amend the Securities Exchange Act of 1934 to prohibit the Securities and Exchange Commission from requiring an issuer to disclose information relating to certain greenhouse gas emissions, and for other purposes
All that has happened so far is that the bill has been introduced.
On February 14th, the following bill was introduced into the House of Representatives:
H.R.1018 — 118th Congress (2023-2024) All Information (Except Text)
As of 02/21/2023 text has not been received for H.R.1018 – To amend the Securities Exchange Act of 1934 to prohibit the Securities and Exchange Commission from requiring an issuer to disclose information related to certain greenhouse gas emissions, and for other purposes.
Bills are generally sent to the Library of Congress from GPO, the Government Publishing Office, a day or two after they are introduced on the floor of the House or Senate. Delays can occur when there are a large number of bills to prepare or when a very large bill has to be printed.