Republicans in the Senate voted to overturn a rule that allows investment managers to invest in ESGs or Environmental, Social and Governance funds. These are funds that are branded as “green” and “socially conscious,” although they’re really not.
Both the House and the Senate voted to repeal rules that “permit fiduciary retirement managers to consider climate change, good corporate governance and other factors when making investments on behalf of pension plan participants.” That completely perverts the idea of “fiduciary” and it allows the government to choose winners and losers based on truly bogus ESG scores.
ESG funds are a scam that allows Washington and Big Business to pretend that they are socially conscious. Congress validated this with their vote but President Biden is expected to veto the bill and keep the ESG rules in place.