The finalized regulation putting Environmental, Social, and Governance (ESG) over fiduciary duty puts retirees at risk as investment decisions are no longer about ensuring returns adequate to live without worrying about the cost of food and other expenses in retirement.
February 28, 2023
The Honorable Chuck Schumer
Senate Majority Leader
S-221, The Capitol
Washington, DC 20510
The Honorable Kevin McCarthy
Speaker of the House
H-232, The Capitol
Washington, DC 20515
Dear Majority Leader Schumer and Speaker McCarthy,
On behalf of the 2.2 million members of the Association of Mature American Citizens (AMAC),
I am writing to urge passage of H. J. Res. 30, the Joint Resolution to disapprove the “Prudence
and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights” regulation
promulgated by the Department of Labor. Constituents throughout the United States worked hard
to save for retirement. They placed money into managed funds of various kinds through 401(k)s
and other investment vehicles. Fund managers have the fiduciary responsibility to appropriately
manage investment capital for their client’s benefit, a practice that protected senior Americans
from experiencing profound poverty in their advancing years.
The finalized regulation putting Environmental, Social, and Governance (ESG) over fiduciary
duty as part of making investment decisions leaves senior Americans worse off over the long
run. In addition, the rule puts retirees at risk, as investment decisions are no longer about
ensuring returns adequate to live without worrying about the cost of food and other expenses in
H. J. Res. 30 is necessary to remove the “Prudence and Loyalty in Selecting Plan Investments
and Exercising Shareholder Rights” rule from affecting retirement investments. Therefore, we at
AMAC urge Congress to pass H. J. Res. 30 to benefit hard-working senior Americans, so their
retirement savings are stable in their golden years.
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