FreedomWorks Foundation Files Formal Comment With The Department of Labor Opposing ESG Investing Proposal

WASHINGTON, D.C. — Yesterday, FreedomWorks Foundation filed a formal comment with the Department of Labor’s Employee Benefits Security Administration (EBSA) opposing the Biden Administration’s proposal to allow consideration of Environmental, Social, and Governance (ESG) factors in choosing how to invest employees’ pension and retirement funds.

Adam Brandon, FreedomWorks President, commented:

“Though there have been many attempts from the current administration to dig deeper and deeper into the personal finances of hard-working Americans, this proposed ESG rule is perhaps the most outrageous yet. A fiduciary’s sole responsibility should be to make investment decisions that will yield the highest return for their clients. Woke investing achieves the opposite.

“The executive branch has no mandate to interfere with Americans’ savings and investments. The Biden Administration should rescind this proposal, which elevates a woke political agenda above the retirement security and financial wellbeing of millions of Americans, immediately.”