Congress would largely bar 401(k) and pension fund managers from considering environmental, social, and governance factors in making investment decisions, under legislation passed by the House of Representatives.
The House approved the Protecting Prudent Investment of Retirement Savings Act in a 213-205 vote on Thursday. Three Democrats—Reps. André Carson (D-Ind.), Henry Cuellar (D-Texas), and Adam Gray (D-Calif.)—joined Republicans to pass it. Carson later clarified he inadvertently voted for the bill and intended to vote against it.
The bill (H.R. 2988) proposes amending the Employee Retirement Income Security Act to make clear that managers of employer-sponsored retirement plans must ...