(The Center Square) – Twenty-five attorneys general and several other plaintiffs have sued the Biden administration asking the court to halt a federal ESG policy that could negatively impact the retirement savings of 152 million Americans.
The lawsuit was filed in U.S. District Court Northern District Amarillo Division naming Secretary of Labor Martin Walsh and the U.S. Department of Labor as defendants.
It alleges the U.S. Department of Labor created a rule prioritizing “woke” Environmental, Social, and Governance (ESG) investing that jeopardizes the retirement savings of 152 million workers, or two-thirds of the U.S. population.
Last November, the Department of Labor finalized a rule allowing companies to prioritize ESG policies when choosing retirement plans. It was the last phase of a nearly two-year effort to reverse a Trump-era rule banning the practice.
The department said it was implementing the rule to “remove barriers to plan fiduciaries’ ability to consider climate change and other environmental, social and governance factors when they select investments and exercise shareholder rights.”
In response, Texas Comptroller Glenn Hegar said President Joe Biden was “using unelected bureaucrats … to push his radical ESG agenda, undermine the Texas economy and jeopardize our national security and energy independence.
“Even as free market forces begin to erode the ESG fairy tale and expose the intellectual dishonesty and utter lack of…
