Date: March 23, 2023
Subject: Protecting Pension Funds from the ESG Regime
Description: This resolution sponsored by Rep. Barr (R-KY) nullifies the Department of Labor rule titled "Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights". This rule allowed public investment managers to invest pension funds based on ESG standards and objectives. CPAC believes that financial managers should make decisions based on the financial interests of investors rather than arbitrary and irrelevant woke goals. CPAC therefore supported this resolution. (A 2/3 vote was needed to override President Biden's veto.)
Result: Failed, 219-200
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