U.S. States Seek To Block Biden ESG Investing Rule
A coalition of Republican-led states has asked a federal judge to block a Biden administration rule allowing retirement plans to consider environmental, social and governance (ESG) factors in selecting investments pending the outcome of their legal challenge. The 25 states, in a motion filed in Amarillo, Texas, said the rule, which took effect Jan. 30, could lead to millions of U.S. citizens losing retirement investments and harm states' finances. The lawsuit claims the rule violates the federal law regulating employee benefit plans by allowing them to focus on social issues rather than long-term financial stability.
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