SEEC Leaders Criticize House Republican Attack on Climate Smart Investing
Washington, March 1, 2023
The leaders of the House Sustainable Energy and Environment Coalition (SEEC), including Co-Chairs Reps. Doris Matsui, Mike Quigley, and Paul Tonko and Vice Chairs Reps. Don Beyer, Matt Cartwright, Sean Casten, Chellie Pingree, Katie Porter, and Chair Emeritus Rep. Gerry Connolly, released the following statement in response to the passage of H.J.Res. 30, a Republican-led resolution to overturn the Department of Labor rule to allow fiduciary planners who manage retirement accounts to incorporate the economic effects of climate change in investment decision-making.
“We support the Department of Labor rule to allow fiduciary planners to consider environmental, social, and government (ESG) factors as part of their investment decision-making to ensure retirement savers are protected from the economic toll climate change poses to their savings. As the financial consequences of the climate crisis continue to become clearer, we should be promoting sustainable investing in companies that are working to reduce their carbon footprint rather than restricting investors from planning for our changing future. Investments in ESG-focused companies not only improve the long-term sustainability of shareholder value but can also strengthen investor confidence, reduce operational costs, and encourage innovation within American markets.
“House Republicans vacuously argue that this Department of Labor rule harms the financial interests of American investors, but in reality, the opposite is true. American retirement savers deserve a safe and secure financial future. We stand ready to work with the Department of Labor as it continues to implement policies that build a healthier future for American workers and their families.”