Washington, D.C. – Senate Majority Leader Chuck Schumer (D-NY) today spoke on the Senate floor on Republican efforts to introduce new legislation targeting a Department of Labor rule allowing for consideration of climate change and ESG issues in investment decisions. Below are Senator Schumer’s remarks, which can also be viewed here:
Reports are out that Republicans will reintroduce a measure targeting a new rule from the Department of Labor that allows—repeat, allows but not requires—fiduciaries to consider the impacts of climate change and other ESG issues when making investment decisions.
Across the country, hard-right state legislatures are up in arms in trying to stop state investment funds from working with money managers who dare commit the oh-so heinous offense at looking at the big picture, looking at the future when making investments, including how climate change and other issues can present financial risks.
I just want to point out the obvious: nothing in this DOL rule imposes any requirement on anyone. It is not a requirement. In fact, it goes out of the way to make sure decision-making remains solely in the hand of the Fiduciary.
Republicans like to talk about small government. They like to talk about letting the private sector do its work, but their obsession with eliminating ESG, their sort of ostrich-like view about climate change and the damage that carbon presents when going into the atmosphere, would do just the opposite.