March 3, 2023
This morning, Utah Attorney General Sean D. Reyes appeared on the Fox Network’s “Fox and Friends” show to discuss efforts to protect retirement savings in the United States. The interview with host Brian Kilmeade focused on efforts to block a rule requiring Environmental Social Governance (ESG) criteria with trillions in retirement money.
Attorney General Reyes explained that Utah is leading a multi-state lawsuit at the same time both supporting and urging Congress to use Congressional Review Act powers to block the rule. President Biden is expected to veto the bill, which passed Congress this week, making the states’ lawsuit extremely important in this effort.
“If that happens, it will help us in our lawsuit,” Attorney General Reyes said in the interview. “They’re putting at risk about $12 trillion dollars in 401 K retirement plans, of 152 million Americans. There are only 165 million working Americans, so think about that for a second.”
Kilmeade added: “If you have a 401 K, you want maximum profit. This is your retirement. This is your future. And yet, they’re more focused on their agenda.”
“The ESG investments have underperformed,” AG Reyes continued. “Look at 2022. They’re under the benchmark, they’re underperforming. That means dollars are coming out of retirement in an already depressed economy. People are already hurting with the downturn, and this is adding salt to the wound.”
24 other states have joined the lawsuit, which was filed in Texas. The case has the potential to eventually be presented before the United States Supreme Court.
Read the 24-state lawsuit here and watch the full interview below.