Suit Filed to Block ESG Investing Rule

25 state attorneys general filed to stop progressive governance over retirement plans.

Utah and Texas led a court filing signed by 25 states, requesting that a federal judge strike down a federal rule that urges environmental, social, and governance (ESG) investing for retirement plans.

Retirement plans usually invest in certain types of stock portfolios to grow the amount of money saved for retirement. Some people choose to invest in portfolios that support or promote causes they agree with or divest from those which does not represent their values.

President Trump’s administration imposed a rule that limited ESG investing due to concerns that the basis of such investing endangered the retirement savings of Americans. President Biden’s administration lifted the rule.

These states are vying to reinstate the limitations on ESG investing. The case was filed in Amarillo, Texas, and District Judge Matthew Kacsmaryk refused the administration’s request to transfer the case to another court. The Department of Justice is the defendant in this case.

As the Lord Leads, Pray with Us…

  • For Judge Kacsmaryk to be discerning as he hears and rules in the case.
  • For wisdom for state attorneys general as they seek to maintain the checks and balances on federal governance and states’ rights.
  • For Attorney General Merrick Garland to turn to the Lord for prudence as he heads the Justice Department.

Sources: Reuters, JDSupra


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