FOR IMMEDIATE RELEASE

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Janel Knight Trulear
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(617) 875-6581

STATEMENT: Presidential Veto of Anti-ESG Rule Upholds Ability To Choose Best Investments For Retirement Funds

Statement by Small Business for America’s Future Co-Chair Walt Rowen regarding presidential veto of Labor Department rule allowing retirement plan investment managers to consider environmental, social, and governance factors



Washington, D.C., March 20, 2023—President Biden did the right thing for small business owners, their employees, and all American’s hoping to retire someday by vetoing a politically motivated resolution that would restrict the investments retirement plan managers can make. 

Congressional legislators, in an attempt to return to shortsighted Trump-era regulations restricting investment options, moved recently to nullify a Labor Department rule allowing retirement plan investment managers to consider environmental, social, and governance (ESG) factors. A dozen large financial companies have warned that the anti-ESG backlash will likely hurt investor returns.

The country’s retirees should not have their financial security determined by politicians trying to push an agenda they think will get themselves re-elected. President Biden’s veto, the first of his Administration, is about letting asset managers do their jobs without government interference. 

American history has shown that businesses and individuals thrive financially when they have options for how to deploy their money. Legislators’ time would be better spent on working to strengthen our economy rather than prescribing how their fellow Americans can invest their hard-earned pay. 

To request an interview with Small Business for America’s Future Co-Chair Walt Rowen contact Janel Knight Trulear at 617-875-6581 or janel@emccommunications.com.

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About Small Business for America’s Future

Small Business for America’s Future is a national coalition of small business owners and leaders working to provide small businesses a voice at every level of government. We’re committed to ensuring policymakers prioritize the nation’s 30 million small businesses to create an economy that works for them, their workers and their communities. Visit www.smallbusinessforamericasfuture.org. Follow us on Twitter and Facebook. #SmallBizAF.