The Biden administration is once again acting against the best interest of the people, making a major change that could decimate American’s retirement accounts.
The Department of Labor quietly snuck in a big change which allows fund managers to prioritize the left’s ‘woke’ agenda over getting actual returns on the money invested.
This means that they will be able to take your money and ‘invest’ it however they want with no real ramifications.
This communist tactic being deployed by Biden’s regime will allow for further investment into Environmental, social, and governance (ESG) which is used to screen investments based on how compliant a company is with the climate change BS narrative pushed down by the federal government and the leftist lunatics that support them.
This change to allow more haphazard investment into policies like ESG comes at a time where entire states are pulling funds from firms who invest in these sorts of things due to their abysmal returns.
It’s also likely done to ensure that these sorts of things – which Americans clearly don’t support – continue to receive the funding necessary in order for them to grow even as red states reject them.
It’s clear that Biden’s Department of Labor is sending Americans a message that their fiscal wellbeing is less important than funding the ‘woke’ transformation of America.
Watch the video here to understand why this subtle change is really such a big deal.
4 thoughts on “Biden Administration Removes Rule Mandating Retirement Account Managers Must Act Solely in Your Best Interest”
Retirement account managers don’t have an easy job in today’s financial arena. Some focus on short-term gains while others play the long game. Some companies do well financially even though they are not considered ‘green’, while others, often startups, focus on environment rather than immediate gains. The account managers have to determine which of these companies are better investments for five to twenty years down the road. As far as the ‘social’ and ‘governance’ parts of the ESG plan are concerned, how does one predict the future of those concepts within a particular company? We don’t even have clear definitions of the terms as applied within a corporation. Any company that needs to hire specific talents is not going to focus on diversity or specific groups that may or may not be marginalized. Instead, they are likely to seek people who can best do the jobs.
Removing that rule is ethically wrong. That is no different than theft. The money is not theirs.
The current government sees this pool of money as ‘available’ to them to tap into; they are NOT concerned about you the individual, its not your money any more….or so they think. The government has never been a ‘fiscially responsible’ enity..
GOD HELP US
I think The Good Lord has decided that He has had quite enough nonsense from the currently fashionable Wokeist Industry, so “You’re on Your Own Chum !”