Chairman Scott Applauds Biden Administration for Supporting Workers and Retirement Savers

10.13.21

Chairman Scott Applauds Biden Administration for Supporting Workers and Retirement Savers

WASHINGTON - Chairman Robert C. "Bobby" Scott (VA-03) released the following statement in response to a new proposal released by the Biden Administration that would reverse Trump-era rules that made it harder for retirement plans to consider climate change and other environmental, social and governance factors when selecting investments and exercising shareholder rights. Chairman Scott helped lead opposition to the Trump-era rules in July and October of last year.

"I applaud the Biden Administration for taking this important step to protect the financial interests of America's workers and retirement savers. Climate change, labor standards, and other environmental, social, and governance (ESG) factors have an increasingly profound effect not only on workers, families, businesses, but also on our economy. Accordingly, it is critical that retirement plans consider these factors when selecting investments on behalf of retirement savers.

"The Trump-era rules placed counterproductive restrictions on the consideration of ESG factors and the ability of retirement plans to use proxy voting to represent the interests of workers and retirees. By reversing those rules, the Biden proposal removes needless barriers on retirement plans and ensures they can better mitigate risk and protect the financial security of workers and their families.

"The Biden proposal reflects this administration's commitment to serving working families and building back a better economy where all Americans can succeed."

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