President Joe Biden, a member of the Democrat party, now owns any issues with retirements involved with environmental, social, and corporate governance (ESG).
In an astonishing move of bipartisanship, members of both parties created a measure that would stop the government from forcing investors to consider environmental impacts when making investment decisions.
In other words, instead of banks managing retirement savings looking for the best bang for their client’s buck, they are also going to have to consider the environment and use some of those investments in green energy companies even if they aren’t the best choice.
From Breitbart News:
The Biden Labor Department rule enables fund managers to weigh climate change and prioritize ESG initiatives, a form of leftist activism in financial investing, when selecting retirement investments and exercising shareholder rights, such as proxy voting. It was also a rollback of a rule made under former President Donald Trump to protect Americans’ retirement plans.
The legislation passed the Republican-controlled House of Representatives and the Democrat-controlled Senate to get to the president’s desk.
So what does Biden do? He vetos it and Democrat Senator Joe Manchin is furious.
“This ESG rule will weaken our energy, national and economic security while jeopardizing the hard-earned retirement savings of 150 million West Virginians and Americans,” the West Virginia senator stated. “Despite a clear and bipartisan rejection of the rule from Congress, President Biden is choosing to put his Administration’s progressive agenda above the well-being of the American people.”
“A bipartisan majority in Congress spoke loud and clear that they thought this rule was harmful and went too far, yet President Biden chose to ignore the will of the people’s elected representatives,” West Virginia state Treasurer Riley Moore further explained. “Congress is supposed to write the laws in this country, not unelected agency bureaucrats serving deep-state agendas.”
“This rule will allow Wall Street elites to use the pension and retirement plans of millions of hard-working Americans to advance left-wing social agendas that undermine our citizens’ values and way of life,” the state treasurer added.
Remember ESG played a lot in the SVB collapse. So should American pensions be at risk in the future, Democrats own this.
