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With the support of Congressman Bill Posey (R-Rockledge), the House of Representatives repealed a recent Department of Labor rule allowing fiduciaries to use controversial environment, social and governance (ESG) agenda items as guidance to make investments for their trustee clients. 

“Fiduciaries have a responsibility to make sound financial decisions that benefit their clients who have entrusted them with their savings and investments,” said Congressman Posey, an original cosponsor of the bill (H.J. Res. 30). “Some in Washington want to coerce finance managers into steering investment dollars to fund their woke agenda and political allies. This is wrong. We should be making decisions that make good financial sense and that are in the best interest of customers.”