WASHINGTON, D.C. – U.S. Senator John Barrasso (R-Wyo.), chairman of the Senate Republican Conference, today delivered the following remarks slamming the Biden Administration’s far-left regulation on Americans’ retirement savings. CLICK HERE to watch.
Remarks as delivered:
“Republicans are committed to protecting American families’ retirement savings. Yesterday, Joe Biden said he is going to veto our efforts.
“Joe Biden is giving the middle finger to middle-class Americans who are concerned about the returns on their retirement funds. He is more committed to his climate change agenda and his pipedream than he is to the American dream of hundreds of millions of American families.
“What’s happened here is the woke and weaponized bureaucracy at the Department of Labor has come out with new regulations on retirement funds. and they want retirement funds to be invested in things that are consistent with their very liberal, left-wing agenda. They want to make sure that you invest only in those left-wing type things. It’s called ESG – Environmental, Social, Governance, which means you can’t invest in things that you might want to invest in, including oil and gas and coal and American energy.
“Well, the reality is the investments that the Democrats are now mandating are things that don’t actually turn out to be good investments. Bloomberg analysts looked at this and said the return on those ESG investments falls behind the market. So people that invest in those fall further and further behind. And not only are their investment returns worse, but the cost of making those investments – the expenses – are much higher. So people end up losing twice.
“Well, the Republicans in the House today are voting, and the Senate will soon be voting to overturn these mandates, regulations from the Department of Labor. We need to stop Joe Biden from strangling American families’ investments in their retirement funds. The American people deserve more freedom and choice than we’re getting from this control and command Biden Administration.”