The joint resolution (H.R. Res. 30) invalidates a recent Labor Department rule allowing asset managers to base their investment of clients' savings on environmental, social and governance (ESG) ideology, instead of strictly on profitability.

The rule, which is being challenged in court, appears to directly contradict federal ERISA law requiring that profitability be the only consideration for asset managers. Under Biden's rule, investments may be also chosen based on how well they achieve political goals, Sen. Cruz explained Thursday in an interview with Fox Business Channel:

"This is a rule that the Biden Administration put out that would allow 401(K) plans and retirement plans to invest—not based on where you get the best returns—but invest based on ESG, based on political objectives."

On Tuesday, the resolution was passed by the House. The next day, it passed the Senate (50-46), with the help of two Democrats. Four senators did not vote on the measure.

...Biden plans to veto the resolution (which has the same force as law), according to a White House statement released on Tuesday, before the House vote.

"The Senate stood together with a bipartisan vote yesterday and reversed this and said you ought to be able to save for your retirement without politicians impacting and hurting your savings," Sen. Cruz said, applauding the resolution's passage.

Cruz cited a Bloomberg analysis showing that, over the past five years, an ESG portfolio would have brought in a 6.3% return, while a non-ESG one would have increased by 8.9%. Thus, based on a beginning investment of $10,000, an ESG portfolio would've earned about $1,720 less over that time, Cruz noted.

"This is your retirement that Joe Biden has said his politics matter more than your retirement—and he's perfectly happy for you to take the hit," Cruz said. Subscribe for free to Breaking Christian News here

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