On Wednesday, House Republicans introduced four bills designed to prevent ideological investment managers from using a Biden administration rule to put politics over their clients’ profits.

Last November, the Biden administration issued a rule relieving portfolio investment managers from their fiduciary responsibility to invest their clients’ money based solely on profit potential, the House Committee on Education & the Workforce website explains:

“The Biden administration's new rule—which enables and encourages retirement fiduciaries to consider environmental, social, and governance (ESG) factors—will allow activist investors to funnel retirees' savings into progressive, left-wing causes. Moreover, ESG funds are notorious underperformers and relatively high-risk, leaving the futures of retirees less secure.”

“Americans invest to secure a brighter future for themselves and their families, not to bankroll Democrats’ radical initiatives and pet projects,” the Republicans said in a statement announcing the bills:

“Our bills are focused on rolling back Biden’s destructive ESG rule and protecting the financial future of working Americans, retirees, and their families.”

In their announcement, the four Education and Workforce Committee members describe their respective bills:

Biden’s ESG rule injecting ideology into investment decisions, at the expense of Americans’ retirement savings, has been widely condemned in public statements by a host of prestigious organizations and public figures, including:

Editor's Note: This piece was originally published on MRCTV.org.