Good day all. One of the major financial issues these days are investment firms, fund managers and banks all pushing environmental, social and corporate governance, (ESG) on investors. It’s been found that using ESG actually lowers the rates of return for investors. The reason for this is simple. ESG is used as a political tool, not an investment tool
Recently, the Biden maladministration passed a rule that that would allow would allow fund managers to factor in ESG into investment decisions. Since ESG is used by the Left to impose the Progressive agenda on corporations, especially energy companies, it can and does do a lot of economic damage. The people hurt by this are retirees and those who have IRA and 41K accounts.
The House passed a bill that would block firms from basically violating their fiduciary responsibilities to maximize their clients investments with the least amount of risk. Money managers such as Blackrock have been using their investors funds as a slush fund to destroy the energy sector in this country.
The bill put a stop to it. It went to the Senate where, miracle of miracles, it passed and was sent to Dim Bulb Biden’s desk. Since he is all in on anything that hurts America and Americans, he vetoed it with his usual snarky remarks. Here are the details from Fox News:
President Joe Biden vetoed a bill for the first time in his presidency on Monday, arguing that the legislation was overly influenced by “MAGA Republicans.”
The Republican-led legislation prevented Biden’s administration from taking environmental, social and corporate governance (ESG) issues into account when making investment decisions. GOP lawmakers argue ESG is a measure of a corporation’s loyalty to “woke” cultural movements and should not be taken into account.
Which makes sense. We are already seeing the results of using ESG as a guiding force in investment decisions as opposed to the normal systems. I don’t have the actual numbers at hand, however I believe that funds using ESG as their primary guidance are running about 15% behind funds that don’t use ESG. (This is from memory so take this with a little salt) This brings us to the Senile Pedophile and Serial Hair Sniffer.
“I just vetoed my first bill. This bill would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don’t like. Your plan manager should be able to protect your hard-earned savings — whether Rep. Marjorie Taylor Greene likes it or not,” Biden announced in a Monday tweet.
Once again we see Joe Biden proving what former Secretary of Defense Robert gates once said about him. (that Biden has “been wrong on nearly every major foreign policy and national security issue over the past four decades) We can now add domestic to the list.
The bill specifically ended enforcement of a new Labor Department rule that urged private retirement plan fiduciaries to consider ESG in their investment decisions.
Under the rule, fiduciaries that make investment decisions for the retirement plans of more than 150 million people would be explicitly permitted under federal guidelines to consider companies’ approach to climate change and other social issues, instead of focusing on only profitability and return on investment for retirees.
Basically, this rule is meant to provide yet another slush fund to the Progressives to wreck the United States energy sector with the added “benefit” of destroying the life savings of millions of Americans. (Making them totally dependent on the Federal government under the control of the Democratic Communazi party)
Sen. Joe Manchin, D-W.Va., blasted Biden for the veto on Monday, saying Biden was placing “radical” social agendas over the American people.
“This Administration continues to prioritize their radical policy agenda over the economic, energy and national security needs of our country, and it is absolutely infuriating,” Manchin wrote in a statement. “West Virginians are under increasing stress as we continue to recover from a once in a generation pandemic, pay the bills amid record inflation, and face the largest land war in Europe since World War II. The Administration’s unrelenting campaign to advance a radical social and environmental agenda is only exacerbating these challenges.”
“President Biden is choosing to put his Administration’s progressive agenda above the well-being of the American people,” he added.
You should have though if this before you went along with the maladministration and the Democrat’s last massive spending bill and the assault on Coal. You may be trying to salvage your political career Manchin, but it’s to late for you now. Nice try though.
With Biden’s veto, the legislation now returns to Congress, but it is unlikely to receive the two-thirds majority support required to overcome a presidential veto.
There is no chance now. The Democrats in the Senate will not override the veto for two reasons. One, They are in lockstep like good little sheep and won’t go against Oberfuhrer Schumer. Second, they agree with Dementia Joe. Third, it’s yet another pool of money they can tap into that isn’t accountable. Sadly, this is dead, probably until 2025, at least on the Federal level.
The states are already moving to shut this down and are doing so in a manner that really hurts. They’re pulling their money out of ESG funds. We’re already starting to see some changes in using ESG as a tool to invest with. As with the states, companies and individuals are also pulling their money out. It may be that Biden’s misRule will die anyway. We shall see.
Thatisall
(3 votes, average: 5.00 out of 5)
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