The U.S. House of Representatives' Committee on Rules has announced a meeting for today (Feb. 27) to discuss a measure targeting the Labor Department’s ESG rule.
Rep. Andy Barr's (R-KY) resolution to reverse the DOL rule—under the heading "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'"—is scheduled for consideration at 5:00 p.m. (ET), Feb. 27.
Force ‘Field’
The measure—H.J. Resolution 30—simply states that “Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That Congress disapproves the rule submitted by the Department of Labor relating to “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights’ (87 Fed. Reg. 73822 (December 1, 2022)), and such rule shall have no force or effect.”
The House-led effort under the Congressional Review Act parallels a similar initiative in the U.S. Senate that could happen shortly as well, pending Sen. Mike Braun’s (R-IN), the resolution’s sponsor, ability to line up additional support for the measure. Braun has said he already has the backing of every Republican in the Senate, plus Democratic Sen. Joe Manchin (WV).
Of course, even if it passes both houses of Congress, it would almost certainly draw a veto from President Joe Biden—the first of his Administration.
