More than 100 conservative groups are supporting Sen. Joe Manchin, D-W.Va.'s plan to gut corporate environmental, social, and governance policies.
In a letter spearheaded by former Vice President Mike Pence's Advancing American Freedom and shared with Fox News on Tuesday, the groups explain their reasoning for backing an effort to prevent weighing ESG in fiduciary investment decisions.
It also details how Manchin and Senate Republicans propose to go about the reversal in current Biden administration policy, specifically by utilizing the Congressional Review Act to reconsider the new measure legislatively.
"We, the undersigned organizations and officials, are calling on every member of the United States Congress to support these resolutions and stop Biden's ideological embezzling of Americans' retirement accounts," the letter read.
"According to research from the University of Chicago, mutual funds scoring highly on ESG factors are constantly outperformed by funds rated lowest for ESG," it continued, adding that 85% of the country is unaware of what ESG is or its effects.
Another study from New York University agrees that investors and asset managers who utilize ESG standards often underperform compared to the broader market initially.
"It is time for [Securities and Exchange Commission] Commissioner [Gary] Gensler and President Biden to put an end to these policies that favor politics over performance and support the businesses and institutions that help American families thrive," AAF Executive Director Paul Teller stated.
Manchin is leading the upper chamber initiative along with Sens. Shelley Moore Capito, R-W.Va., and Mike Braun, R-Ind.
Meanwhile, Rep. Andy Barr, R-Ky. will introduce companion legislation in the House.