Congress and the States Tackling ESG to Protect Retirees and Taxpayers: Lee Schalk on The Doug Wagner Show
Lee Schalk, ALEC Vice President of Policy, recently told Doug Wagner on WMT Newsradio (Cedar Rapids, Iowa) that Congress should be applauded for its recent bipartisan resolution rejecting the Biden Administration’s Department of Labor rule on ESG, also noting that states are taking the lead in the fight against politically motivated investment schemes that put politics above the states’ fiduciary obligations to retirees.
Too many states are allowing politically motivated ESG factors to creep into their state retirement fund investment strategies. At ALEC, our model policy, the State Government Employee Retirement Protection Act, would not only protect public workers who depend on those retirement funds, but also the taxpayers who ultimately are on the hook for the unfunded liabilities.
We’ve seen a number of states take up these reforms, just this session: Arizona, Ohio, Indiana, Arkansas, Oklahoma, and others.