Sen. Joe Manchin (D-WV) and 48 Republican senators signed on to a measure Wednesday to cancel a Biden administration rule allowing retirement plan managers to consider environmental and social issues when making investment decisions.
, when making investment decisions for U.S. retirement accounts rather than considering solely the rate of return.
Opponents have argued that the plan penalizes fossil fuel companies and allows for ideologically fueled investments, even at the expense of unknowing people. “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," he said.
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