WASHINGTON, D.C. – The U.S. House of Representatives approved a measure today that would block the Department of Labor from enforcing a rule that allows plan fiduciaries to consider climate change and other environmental, social, and governance (ESG) factors when they select retirement investments and exercise shareholder rights. Following is a statement from Gregory Wetstone, President and CEO of the American Council on Renewable Energy (ACORE):
“This bill is an attack on the free market and the discretion of Americans to make their own investment decisions. With this vote, the U.S. House is choosing to ignore the seasoned judgment of investment professionals in a blatant attempt to hamstring ESG investing, one of the nation’s most important and fastest-growing investment trends. The Labor Department issued this rule because ESG considerations are financially material, which is why sustainability investments are often recognized as the best choice for realizing maximum long-term returns.
“We urge the House to instead consider the Freedom to Invest in a Sustainable Future Act, which would provide retirement plan fiduciaries flexibility to make their own decisions. Rather than politicize people’s retirement investments, we should let the market work as intended.”
For more than 20 years, the American Council on Renewable Energy (ACORE) has been the nation’s premier pan-renewable nonprofit organization. ACORE unites finance, policy and technology to accelerate the transition to a renewable energy economy. For more information, please visit www.acore.org.
Sr. Vice President, Communications
American Council on Renewable Energy
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Dylan HelmsAssociate, Communications American Council of Renewable Energy email@example.com | 202.891.7868 (o) | 727.290.8804 (c)