2023 Recent Vote
Representative Andy Barr (R-KY) sponsored H. J. Res. 30, the Congressional Review Act (CRA) Resolution of Disapproval of the Department of Labor’s (DOL) “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights'' rule, which would block efforts to protect peoples’ retirement savings from all types of financial risk, including financial risks due to climate change. For decades, the DOL set forth rules that required retirement plan managers to prudently consider all relevant factors while remaining neutral on investment types. The Trump Administration deviated from this longstanding approach by issuing rules that discouraged consideration of so-called environmental, social, and governance (ESG) factors – even when these factors affect investment risk and return. The Biden administration rule returns to neutrality, in which plan managers can consider all relevant factors to assess investment risk, does not mandate, prohibit, encourage, or discourage any particular type of investment, and is clear that retirement plan managers must base their decisions on financial risk-return factors. Overturning this rule with a CRA resolution would return to the Trump-era standard that disregards the financial risks of dirty energy investments - standards that are being implemented in extremist Republican-led states across the country at a significant financial loss for their pension funds. On March 1, the Senate approved H. J. Res. 30 by a vote of 50-46 (Senate roll call vote 35). NO IS THE PRO-ENVIRONMENT VOTE. On February 28, the House approved H. J. Res. 30 by a vote of 216-204 (House roll call vote 124); however, it was vetoed by the President on March 20. On March 23, the House failed to override the President’s veto by a vote of 219-200 (House roll call vote 149) (a two-thirds majority vote is required to override a veto).