Joanne Roskey Quoted on Proposed Republican ERISA Bill Blocking ESG Investing in Bloomberg Law
"Anti-ESG Investing Effort Pivots to New Republican-Backed Bill"
Bloomberg Law quoted Joanne Roskey on the continuing efforts of U.S. House of Representative Republicans against a U.S. Labor Department (DOL) rule on environmental, social, and governance (ESG) retirement investing despite failing to override President Joe Biden's veto of a resolution to kill it. House representatives Andy Barr (R-KY) and Virginia Foxx (R-NC) are working with former DOL Secretary Eugene Scalia on legislation that would modify the Employee Retirement Income Security Act (ERISA) of 1974 to mandate that retirement plan fiduciaries consider only pecuniary factors when investing, and explicitly rule out ESG factors. Republican reasoning follows that while individual investors have the right to invest based on their values (even if those investments provide not to be profitable, fiduciaries managing other people's retirement accounts must focus solely on maximizing returns. In the context of maximizing investment returns, Roskey said, "It's pretty reasonable to suggest that, in some instances, ESG can be something you consider."