The Republican-led U.S. House of Representatives voted on Tuesday to block a Biden administration rule allowing employee retirement plans to consider environmental, social and corporate governance (ESG) factors when selecting investments. President Joe Biden has promised to veto the bill if it passes the Senate, but Republican-led states and the oil industry are also challenging the rule in federal court in Texas.
The January lawsuit by 25 Republican-led states, an oil drilling company and an oil and gas trade group claims the rule violates the U.S. law regulating employee benefit plans by failing to protect retirement assets. They claim that allowing ESG investing will jeopardize the retirement savings of millions of people and lower state tax revenue.
Some major business groups including the U.S. Chamber of Commerce, the country's largest business lobby, opposed the Trump administration's strict limits on ESG investing but have had a tepid response to the new rule. The Chamber last year said the Biden administration rule was The case has been assigned to U.S. District Judge Matthew Kacsmaryk in Amarillo, Texas, a conservative Trump appointee whose courthouse has become afor Republicans challenging items on the Biden administration's agenda. Any appeals will be heard by the New Orleans-based 5th U.S. Circuit Court of Appeals, considered among the most conservative federal appeals courts, and then possibly, the U.S.
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