Last week, House Republicans took two very important steps to protect your pocketbook and pump the brakes on President Biden’s out-of-control spending habits.
The first thing we did was vote to overturn a Biden Department of Labor rule that hurts retirees. On January 1, 2022, the Department of Labor published a final rule allowing retirement investment plan managers to consider environmental, social, and governance (ESG) factors when making investment decisions and exercising shareholder rights.
This rule removes protections for retirees and workers saving for retirement because it directs investment plan managers to advance Democrats’ radical climate and social agenda rather than act in the best interest of workers, retirees, and their families. ESG products charge higher fees than traditional investment fund fees, which reduces savings over time. Plus, ESG funds have traditionally not performed well and are higher risk. This rule also ignores current law and legal precedent.
That’s why House Republicans passed H.J. Res 30 last week to nullify the Biden administration’s rule, and the Senate passed it the next day. Even with narrow margins in the House and a Democrat-controlled Senate, I’m proud we are still able to deliver some real results for the American people.
The next thing we did was pass H.R. 347 – the Reduce Exacerbated Inflation Negatively Impacting the Nation Act (REIN IN Act). This bill requires the Biden administration to submit inflationary impact estimates for any major executive order that has an annual gross budgetary impact of at least $1 billion. Basically, Congress is not allowing the Administration to rule by executive order without having some accountability.
This bill seems like common sense, but as you all know, common sense is not so common up here in Washington. Folks like you elect leaders to steer this country in the right direction and be smart with how we are spending your tax dollars. Unfortunately, President Biden and his Administration don’t seem to understand how executive orders – especially ones like his order banning offshore oil and gas leasing off the coast of Alabama – drive up costs for hardworking families and make it harder for people to make ends meet.
Congress is in session again this week, and House Republicans are continuing to do the work necessary to get our country back on track and hold the Biden administration accountable. I look forward to sharing more updates with you as we continue delivering on our Commitment to America.