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FreedomWorks Foundation Submits Comments on "Woke" Investing

Today, 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 so-called "Environmental, Social, and Governance" (ESG) factors in choosing how to invest employees' pension and retirement funds. The comment argues that allowing ESG considerations in making investment decisions is both unwise, as ESG investments tend to offer lower returns and charge higher fees; and directly contrary to the Employee Retirement Income Security Act (ERISA), which requires investment managers (fiduciaries) of these employee funds to choose investments based solely on financial considerations. The full text of the comment is attached and can be accessed here.