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Member, Beacon International Group, Ltd.
The U.S. Senate followed the House in approving a resolution that overturns the Department of Labor rule paving the way for consideration of environmental, social and governance investing in retirement plans, Plansponsor reports. The Senate vote on the so-called Congressional Review Act overturning the rule passed with a 50-46 vote, with all Senate Republicans voting yes, as well as Sen. Joe Manchin, D-W.Va., and Sen. Jon Tester, D-Mont. Three Democrats were absent. The act will now move to President Joe Biden’s desk, where he said Feb. 27 he would veto it to keep the DOL rule intact.