U.S. SENATE – U.S. Senator Steve Daines introduced a bill to prevent financial institutions from prioritizing extraneous factors like environmental social governance over the security of workers’ retirement savings.
“Montanans should not have to pay the price for the whims of wokeness with their hard-earned life savings. Fiduciaries must remember their responsibility is to their shareholders, not the woke mob – these are financial institutions, not pop-up shops for the radical Left,” Daines said.
Daines’ “Securing Employee Retirement Returns Act” would codify the Trump Administration Department of Labor rules for fiduciaries under the Employee Retirement Income Security Act (ERISA).
On May 20, 2021 President Biden issued an Executive Order on Climate Related Financial Risk, which among other things, directed the Secretary of Labor to identify agency actions that could be taken under ERISA “to protect savings and pensions of US workers from the threats of climate-related financial risk”; and directed the Secretary to consider suspending Trump era fiduciary rules under ERISA that prioritized pecuniary factors over non-pecuniary ones.
For the full text of Daines’ “Securing Employee Retirement Returns Act,” see here.