The lawsuit — led by Utah Attorney General Sean Reyes and joined by 24 other states including Louisiana, Texas and Virginia — challenges a Department of Labor (DOL) rule unveiled in November and which is set to go into effect on Jan. 30.
"The Biden administration is promoting its climate change agenda by putting everyday people’s retirement money at risk," Reyes told FOX Business in a statement. "Americans are already suffering from the current economic downturn."
"Permitting asset managers to direct hard-working Americans’ money to ESG investments puts trillions of dollars of retirement savings at risk in exchange for someone else’s political agenda," he continued. "We are acting with urgency on this case because this illegal rule is set to take effect next week. It must be stopped."
In the lawsuit, the states allege that the DOL violated the Employee Retirement Income Security Act (ERISA) of 1974. The law safeguards the retirement income of 152 million U.S. workers, equivalent to more than two-thirds of the nation's adult population, and covers roughly $12 trillion in assets.
"This rule is an affront to every American concerned about their retirement account," Texas Attorney General Ken Paxton said in a statement to FOX Business. "The fact that the Biden Administration is now opting to risk the financial security of working-class Americans to advance a woke political agenda is insulting and illegal."
The Department of Labor didn't immediately respond to a request for comment.
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