WASHINGTON, DC – On Tuesday evening, Representative Raúl M. Grijalva (AZ-07) voted against a Republican joint resolution that would prevent fiduciary financial planners for public employees from considering the economic effects of climate change and other environmental, social, and governance (ESG) factors when making investment decisions.

“The Republican attempt to prohibit this type of comprehensive financial analysis perpetuates climate denialism and will harm our economy,” said Rep. Grijalva. “It’s critical that financial planners are allowed to consider the long-term economic consequences of climate change when making investment decisions so public workers are given the best chance at a secure retirement in the future. House Democrats are committed to safeguarding the investments workers depend on for a secure retirement by allowing public financial planners to include risks associated with climate change, the sustainability strategies of a company, and other real world events.”

Republicans are using the Congressional Review Act to disapproves of the Department of Labor’s recent rule called “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights” that was published on December 1, 2022. Any joint resolution of disapproval that qualifies under the Congressional Review Act has the force of law and prohibits agencies from issuing any rules that are “substantially the same” in the future.

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