Ranking Member Cassidy Introduces Legislation Protecting Americans’ Retirement Savings From ESG, Left-Wing Agenda

WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA), ranking member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, introduced the Restoring Integrity in Fiduciary Duty Act, which prevents asset managers from prioritizing environmental, social, and governance (ESG) factors over the financial success of Americans’ retirement savings.  

In 2022, the Biden-Harris Department of Labor released a rule that allows asset managers to prioritize ESG factors when choosing investments on behalf of their clients, even if these investments result in reduced financial returns. Cassidy’s legislation eliminates ESG ideology from retirement savings and requires asset managers to choose investments solely based on financial returns. 

“Asset managers should prioritize helping Americans achieve the best return for their retirement, not funneling their clients’ money to fund a left-wing political ideology,” said Dr. Cassidy. “This legislation protects 152 million Americans who depend on a strong retirement to live after their career is over.” 

Cassidy previously raised concerns that the Biden-Harris ESG rule could empower left-wing activists to insert Boycott, Divestment, and Sanctions (BDS) policies into retirement plans, politicizing Americans’ retirement savings with the intention of hurting Israel.  

Last year, Cassidy joined U.S. Senator Mike Braun (R-IN) in introducing a Congressional Review Act (CRA) to overturn the ESG rule. The CRA passed Congress with strong bipartisan support, but was later vetoed by President Biden.  

Read the full bill text here. 

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