https://www.wnd.com/2022/11/biden-betrays-americans-retirement-accounts/

By Bronson Winslow
Daily Caller News Foundation

The U.S. Department of Labor (DOL) will allow retirement plan fiduciaries to invest funds into companies that promote climate change and other environmental, social and governance (ESG) factors, according to a Tuesday DOL release.

The DOL’s decision overturns a Trump administration rule that barred companies from evaluating ESG factors when making investment decisions, stating that the rule “unnecessarily restrained” the fiduciaries’ ability to weigh ESG factors that benefit plan participants financially. Despite the DOL’s belief that ESG will not hinder financial gains for those who have paid into the retirement plans, the new rule “betrays” the interests of those who have funded the accounts and places “enormous pressure” on fiduciaries to focus on ESG factors over more significant factors, experts told the Daily Caller News Foundation.

“The problem with the DOL rule is not that it permits fiduciaries to consider ESG factors,” Amberwave Partners co-founder and portfolio manager Dan Katz told the DCNF.The problem with the rule is that it adds to the enormous pressure on fiduciaries to overemphasize ESG factors over other, typically more significant, factors that ESG ignores.”

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“This is a mistake and betrays the interests of the people who the US Department of Labor is supposed to serve: American workers and retirees,” Strive Asset Management Executive Chairman Vivek Ramaswamy told the DCNF.

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The DOL hopes that both retirement plans, pensions and companies that account for ESG will be able to benefit from the new rule, according to the release.

“Today’s rule clarifies that retirement plan fiduciaries can take into account the potential financial benefits of investing in companies committed to positive environmental, social and governance actions as they help plan participants make the most of their retirement benefits,” Labor Secretary Marty Walsh said in the release. “Removing the prior administration’s restrictions on plan fiduciaries will help America’s workers and their families as they save for a secure retirement.”

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“DOL’s final rule released today includes 107 mentions of ‘climate change’ and yet does not mention ‘China’ once. Any fiduciary following this recipe is not likely to be a prudent steward of beneficiaries’ savings,” Katz said.

In August, Republican Florida Gov. Ron DeSantis banned state fund managers from considering ESG when managing state funds.

“This update to the fiduciary duties of the SBA’s investment fund managers and investment advisors clearly defines the factors fiduciaries are to consider in investment decisions and states that ESG considerations will not be included in the state of Florida’s pension investment management practices,” DeSantis’ office said in a press release.

In October, Kentucky Attorney General Daniel Cameron and State Treasurer Allison Ball called on the state’s Public Pension Authority and Teachers’ Retirement System to prove that they were not investing pension funds to promote ESG. Cameron and Ball state that ESG investing is illegal as it violates “statutory and contractual fiduciary duties” by trying to “force social change” instead of working toward profits.

Ramaswamy believes the new rule defeats the DOL’s mission that “providing a secure retirement for American workers is the paramount and eminently worthy social goal,” saying the DOL should “scrap” the rule now, according to a July opinion piece in The Wall Street Journal.

This story originally was published by the Daily Caller News Foundation.

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EDITOR’S NOTE: Leftwing billionaire George Soros bankrolls everything evil – most recently the 75 pro-criminal “Soros district attorneys” who have transformed America’s most dynamic cities into degraded, crime-infested hellscapes of skyrocketing violent crime. Soros also funds drug legalization, euthanasia, open borders, globalism, Black Lives Matter, “defunding the police,” devaluing America’s currency and destroying her sovereignty. But why?

Whistleblower magazine reveals and explores the stunning truth: Soros, an atheist, literally says he’s “some kind of god,” obsessed with re-creating the world in his image. Here are a few actual quotes from Soros: “If truth be known, I carried some rather potent messianic fantasies with me from childhood…” “It is a sort of disease when you consider yourself some kind of god, the creator of everything, but I feel comfortable about it now since I began to live it out.” “You know, in my personal capacity I’m not actually a selfless philanthropic person. I’ve very much self-centered.” “I am kind of a nut who wants to have an impact.” “Next to my fantasies about being God, I also have very strong fantasies of being mad. … I have a lot of madness in my family. So far I have escaped it.”

Except he hasn’t “escaped it.” Not only is Soros totally mad, but he’s imposing his insanity on America. See Soros and the leftwing world he has created and funded as never before in “THE BILLIONAIRE WHO THINKS HE’S ‘GOD’: Why George Soros is obsessed with destroying America.”


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