WASHINGTON, D.C. — Here’s how area members of Congress were recorded on major votes during the legislative week of Feb. 27-March 3. The House was not in session. Readers can visit www.VoteFacts.com for additional information on top congressional issues and individual voting records.
House
Nullifying Biden Rule for Retirement Plans: The House on Feb. 28 voted, 216-204, to kill a new Department of Labor rule that more clearly defines circumstances under which employer-sponsored retirement plans may consider companies’ environmental, social and governance (ESG) practices when deciding where to invest workers’ pension funds. Under the rule, plan administrators (fiduciaries) would still be required to give top priority to financial returns in making investment decisions. But when competing investment opportunities offer nearly the same risk and return, the plans could choose the one that better serves ESG objectives such as using clean energy or improving workplace conditions. The Biden administration rule would replace a Trump administration regulation generally barring fiduciaries from ESG investing. With this vote, the House adopted a GOP-sponsored resolution of disapproval (HJ Res 30) that would cancel the Biden rule, which took effect Jan. 30 after two years in the making. A yes vote was to send the resolution to the Senate, where it was passed and sent to the president for his promised veto.
Voting yes: Marcus Molinaro, R-19; voting no: Patrick Ryan, D-18.
Focusing Presidential Attention on Inflation: Voting 272-148, the House on March 1 passed a bill (HR 347) urging President Biden to consider official inflation estimates by the executive branch’s Office of Management and Budget and Council of Economic Advisers when he issues presidential orders having an impact of at least $1 billion on the federal budget. The bill requires Biden to regularly report the estimates to Congress, but otherwise it is only advisory. A yes vote was to send the bill to the Senate, where it was likely to fail.
Voting yes: Ryan, Molinaro.
Counting Rural Spending in Inflation Tallies: By a vote of 324-83, the House on March 1 adopted an amendment that would include spending patterns by military personnel and rural populations in the inflation measurements at the heart of HR 347 (above). The Consumer Price Index (CPI) is based on spending in urban areas, where prices are usually higher than in rural areas or near military bases. If the CPI were expanded under the terms of this bill, the official rate of inflation would presumably go down. On Jan. 31, the CPI’s annualized rate of inflation, based on spending by urban consumers, was reported at 6.4 percent by the Bureau of Labor Statistics. A yes vote was to adopt the amendment.
Voting yes: Ryan, Molinaro.
Internet Posting of Inflation Estimates: By a vote of 386-31, the House on March 1 adopted an amendment requiring the Office of Management and Budget and Council of Economic Advisers inflation estimates ordered by HR 347 (above) to be posted on the OMB website. The original bill left out this basic transparency step, an omission noticed by a congressman who had read the bill. A yes vote was to adopt the amendment.
Voting yes: Ryan, Molinaro.
Marshaling U.S. House to Fight Inflation: Voting 364-56, the House on March 1 adopted an amendment to HR 347 (above) stating “that combating inflation and bringing down the cost of living”; is the job of the U.S. House as well as President Biden. A yes vote was to adopt the amendment.
Voting yes: Ryan, Molinaro.
Setting Target Numbers for Inflation Reports: By a vote of 187-232, the House on March 1 rejected an amendment to HR 347 (above) that sought to limit the scope of the bill to executive orders estimated to increase or decrease the Consumer Price Index’s yearly rate of inflation by at least one percentage point. The amendment sought to replace language that applied the bill more broadly to presidential orders having “a significant impact” on inflation. A yes vote was to adopt the amendment.
Voting yes: Ryan, Molinaro.
Senate
Nullifying Biden Rule for Retirement Plans: Voting 50-46, the Senate on March 1 joined the House (above) in rolling back a new Department of Labor rule giving managers of retirement funds specific authority to consider a company’s environmental, social and governance (ESG) practices when deciding where to invest workers’ pension funds. The rule enshrines in regulations what had been only general departmental guidance allowing fiduciaries to consider all relevant economic factors when choosing investments. The Trump administration issued a rule making it difficult for managers to consider ESG factors such as clean-energy practices in their investment decisions, and the Biden administration is attempting to reverse that action. With this vote, the Senate sent to President Biden a GOP-sponsored resolution (HJ Res 30) that would kill the new rule. A yes vote was to nullify the Biden administration rule.
New York Sens. Chuck Schumer, D, and Kirsten Gillibrand, D, voted no.
Key Votes Ahead: The Senate will vote on judicial nominations in the week of March 6, while the House schedule was to be announced.
VoteFacts.com News Reports is a nonpartisan, fact-based news site whose mission is to help civic-minded individuals and organizations track the most consequential and newsworthy issues debated in the U.S. House and Senate. Readers can visit www.VoteFacts.com for additional information on top congressional issues and individual voting records.