CHARLESTON, W.Va. (WBOY) — Retirement investing has drawn national headlines due to controversial new rules that Environmental, Social and Governance (ESG) factors should be taken into account when investing.
West Virginia lawmakers, including Attorney General Patrick Morrisey, Sen. Joe Manchin and State Treasurer Riley Moore have raised concerns that the rule politicizes Americans’ retirement savings and could result in lower yields.
On Tuesday, Gov. Jim Justice signed House Bill 2862, which requires the state’s investment boards, which manage public pension and state investment funds, to cast proxy votes based solely on the financial interests of pensioners and taxpayers, not ESG factors.
The bill was approved by every member of the State Senator but Sen. Mike Caputo (D, Marion) and Eric Nelson Jr. (R, Kanawha) who voted Nay. The following members of the House of Delegates voted Nay:
- Bill Anderson (R, Wood)
- Vernon Criss (R, Wood)
- Lori Dittman (R, Braxton)
- Paul Espinosa (R, Jefferson)
- Bob Fehrenbacher (R, Wood)
- Shawn Fluharty (D, Ohio)
- Joey Garcia (D, Marion)
- Evan Hansen (D, Monongalia)
- Roger Hanshaw (R, Clay)
- Scot Heckert (R, Wood)
- Sean Hornbuckle (D, Cabell)
- Keith Marple (R, Harrison)
- George Miller (R, Morgan)
- Mike Pushkin (D, Kanawha)
- Clay Riley (R, Harrison)
- Larry L. Rowe (D, Kanawha)
- Doug Skaff Jr. (D, Kanawha)
- Joe Statler (R, Monongalia)
- Erikka Storch (R, Ohio)
- Danielle Walker (D, Monongalia)
- Steve Westfall (R, Jackson)
- John Williams (D, Monongalia)
- Kayla Young (D, Kanawha)
Congress passed a bill that would have reversed the rule repealing Trump Administration protections against ESG investing for retirement, but President Joe Biden issued his first veto, blocking it.
