TAG: Biden ESG investment/climate
How many years has Congress/Senate been harping about social security; but, yet – Biden pulls a KOOL BILLION to give to Ukraine. If they have such a hard time paying for social security (money that we sent in to save for retirement) and belly ache about it all the while and now they want to PLAY AROUND by yanking on our retirement funds.
They are not business people – they are politicians and don’t have any sense about any retirement plans. How many other things have they not been successful – savings and loan/college loans/post office/country wide loans for homes – all failures.
They made promises about our 40lK’s if we saved and now they are hankering to spend it like they slurped up the social security and now are still harping that its is about to run out. It is time to tell the world – that the U.S. bank is closed to outsiders – meaning the world and no more free-loading.
Biden – please read – there is no climate change – read the following. This is from a scientist not one of your fellow politicians. Remember – you wouldn’t go to a veterinarian if you need your knees replaced -would you?
Senate kills Biden ESG investment rule in stunning rebuke
Story by Kelly Laco • Yesterday 3:54 PM
The Senate passed a disapproval resolution Wednesday, formally killing a Biden administration Department of Labor rule that encourages private retirement plan fiduciaries to consider environment, social and governance (ESG) factors when making investment decisions for over 150 million Americans.
The measure, which only required a simple majority to pass, passed the threshold in a 50-46 vote. The House of Representatives passed it Tuesday in a 216-204 vote, with only one Democrat voting for the bill.
“President Biden wants to sacrifice seniors’ retirement savings to fund his political agenda,” Sen. Mike Braun of Indiana, who led the bill, told Fox News Digital Tuesday. “Both the Senate and the House have now sent powerful, bipartisan rebukes of the Biden ESG agenda. I’m proud to stand up for Americans’ retirement savings to stop this harmful rule.”
ALL GOP SENATORS, MANCHIN CHALLENGE BIDEN’S ESG CLIMATE INVESTMENT RULE ‘POLITICIZING’ AMERICANS’ 401(K)S
Now that both the House and Senate have passed the legislation, it will head to Biden’s desk. The White House warned Monday that Biden ‘will veto’ the bill if it is sent to his desk.
“The President will continue to deliver for America’s workers. If the President were presented with H.J. Res. 30, he would veto it,” said the White House in a Statement of Administration Policy defending the use of ESG factors in fiduciary decisions.
“The rule reflects what successful marketplace investors already know – there is an extensive body of evidence that environmental, social, and governance factors can have material impacts on certain markets, industries, and companies,” the White House argued while slamming the Trump administration for “chilling” ESG investments.
If Biden does veto it, Congress would have to approve the resolution again in a two-thirds majority vote in both chambers.
Lawmakers have criticized the DOL rule, which went into effect last month, saying it “politicizes” and “jeopardizes” the retirement savings of more than 152 million Americans.
Last month, Sen. Mike Braun, R-Ind., and Rep. Andy Barr, R-Ky., introduced the bipartisan disapproval resolution, which has the backing of all GOP senators, Democratic Sen. Joe Manchin of West Virginia and more than 100 organizations.
GOP senators discussed the legislation during a press conference Wednesday, saying the Biden administration’s move with the ESG rule had “a certain irony,” given the administration’s rhetoric of working for the American public.
“And there’s a certain irony here, since [the Biden administration] always billed themselves as actually caring about the person who’s struggling. People are going to struggle more because of this rule,” Sen. Bill Cassidy, R-La., said.
“This weaponizes their retirement accounts against both their future, but also their present,” he conti
Organizations including Heritage Action, Consumers’ Research, the State Financial Officers Foundation and others cheered the passage.
Consumers’ Research head Will Hild said Wednesday: “Today, Congress sent a clear, bipartisan message to the Biden Administration and Wall Street elites that the American peoples’ voice is being heard and we will no longer allow the administrative state and their billionaire buddies to weaponize our retirements against us.”
ESG standards are increasingly used by investors and asset managers to guide their decision-making.
The environmental factors considered often include how a corporation contributes to pollution or climate change. Social criteria examine a company’s relationship with employees, ethics, engagement with nonprofits and stake in the community. Governance considers the corporation’s leadership, overall ethics and standards, and it includes the makeup of the board of directors and the recipients of their donations.
Fox News’ Haley Chi-Sing contributed to this report.
Just tell Biden to “keep his “mitts” off our funds until we can remove him from office.