Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Labor relating to "Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights".
Sponsored by Andy Barr
The Chair directed the Clerk to notify the Senate of the action of the House.
Mar 23, 2023
This joint resolution nullifies a Department of Labor rule issued on December 1, 2022. The rule being nullified permits plan fiduciaries managing employee benefit plans to consider climate change and other environmental, social, and governance factors when making investment decisions and exercising shareholder rights, including voting on shareholder resolutions and board nominations.
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This joint resolution nullifies a Department of Labor rule concerning the fiduciary duties with respect to employee benefit plans. Under the rule issued on December 1, 2022, plan fiduciaries may consider climate change and other environmental, social, and governance factors when they make investment decisions and when they exercise shareholder rights, including voting on shareholder resolutions and board nominations.