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Republicans Reintroduce House Bill to Limit ESG Considerations in Retirement Investing
August 1, 2023On June 21, two Republican members of Congress renewed efforts to enact legislation that arguably would restrict investment managers from taking into account ESG considerations in investing on behalf of retirement funds. U.S. Representatives Andy Barr (R-Ky.) and Rick Allen (R-Ga.) reintroduced the Ensuring Sound Guidance (ESG) Act, which would require investment advisers and ERISA retirement plan sponsors to consider “only pecuniary factors” in acting in the best interests of clients.
