Every Republican senator and Democrat Sen. Joe Manchin (D-WV) are introducing a resolution opposing President Joe Biden’s new ESG investment rule because it politicizes and threatens the value of Americans’ 401Ks.

Led by Sen. Mike Braun (R-IN), the senators condemn the rule, because it allows fiduciaries to consider ideological factors – specifically, environmental, social and governance (ESG) goals – when investing, rather than just rate of return.

ESG funds tend to have lower rates of return, meaning the Biden administration is jeopardizing 152 million Americans’ retirement to support their political agenda, Sen. Braun notes in a press release announcing the resolution:

“A number of studies have shown that ESG investing policies have worse rates of return. For example, a study by UCLA and NYU found that over the past five years ESG funds underperformed the broader market, averaging a 6.3% return compared to 8.9% return respectively. Additionally, in comparison to other investment plans, ESG investors generally end up paying higher costs for worse performance.”

Representative Andy Barr (R-KY) is leading the House version of the resolution. Both resolutions have enough support to force a vote and would require only a simple majority to pass.

The Media Research Center (MRC), along with more than a hundred other conservative organizations, have endorsed the resolution.

Twenty-five state attorneys general, joined by the Western Energy Alliance, have filed a lawsuit to stop the new rule, which went into effect on Monday.

Likewise, U.S. Securities and Exchange (SEC) Commissioner Mark T. Uyeda has warned of the potential Orwellian consequences of the new rule, which could be used to pressure companies seeking capital to adopt ESG practices.

The new Biden rule eliminates a 2020 Trump Administration rule requirement that fiduciaries consider only the monetary benefit (“pecuniary only”) to their clients when choosing investments.