Biden admin risks Americans' retirement accounts to push climate agenda, GOP leaders in 24 states wa

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FIRST ON FOX: Attorneys general and treasurers from 24 states urged the Biden administration to drop a proposed regulation that would require retirement investment managers to prioritize climate change concerns while managing American employees' retirement portfolios.

The Department of Labor's Employee Benefits Security Administration submitted a rule that "would irrationally require fiduciaries to elevate immaterial and speculative risks in employee retirement savings investment decisions," the state leaders wrote in the letter, first provided to FOX Business. "Instead, fiduciaries must be held to their duties of prudence and loyalty by considering only the material financial or pecuniary factors of each potential investment."

Utah Republican officials – Attorney General Sean Reyes, Treasurer Marlo Oaks, and State Auditor John Dougall – led the letter, which Republican officials from Alabama, Alaska, Arizona, Arkansas, Florida, Georgia, Idaho, Indiana, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, North Carolina, North Dakota, Ohio, Oklahoma, South Carolina, Texas, West Virginia and Wyoming joined…


…The letter notes that the Employee Retirement Income Security Act's (ERISA) rules bar fiduciaries – entities entrusted with employee retirement funds – from subordinating "the interests of retirement plan participants and beneficiaries to unrelated or other objectives."…











read more: https://www.foxbusiness.com/politics/biden-admin-rule-risks-americans-retirement-accounts-gop-leaders-across-the-nation-warn







It is the fiduciary responsibility of fund managers including ones for retirement to maximize returns or preserve capital depending on the objectives of their investor clients. There are laws to this effect. The Biden regime has to right to risk people’s retirement to advance its agenda.

 

Retirement accounts must be maintained in the best interest of the investors preparing to retire. As one within 3-7 years until retirement I don’t need extra risk in my portfolio.

 

It’s good that the red states are protecting their own retirement and pension plans regarding risky green crap and stopping divesting from quality traditional energy .

 

Democrat votes have consequences; always harmful

 

Not in the best interests of the country, not in the best interests of the country, not even in the best interests of the client, but in the best interests of global warming.

When Trump or DeSantis take office in 2024, what would the left say if they wanted investment managers to work in the best interests of border security, national defense and anti crime measures? We could invest in companies who build walls, tanks and prisons.

 

This wasn't Biden's idea, he was told to do this and he did.

 

That cannot be enforced.

 

That is the case with everything he’s done since becoming their president.

 

What can’t be enforced? Fiduciary responsibility certainly can be

 

Bidens plan will not work, too many variables, plus it will be a detriment to any planner. To direct ones funds to a certain market is highly doubtful.

 

True. Good points. Too many blue state financial planners and pension fund managers are already trying similar stuff to Biden’s plan

 

There is no such thing as a blue state planner. Good grief your obsession is disturbing.

 

Of course there is. There are pension plans in California for government workers and for educators that politicians influence those managers/planners quite often.

 

Every state has that !!!!

 

Jesus, it's like watching an episode of the twilight zone when you speak to Trump loving rightists. LOL

 

The obsessiveness is long in the tooth, and takes away from some possible good talk.

 

There was a time where this place had decent debaters to have discussions with.

Since Cult45 came along, this has changed....bigly.

 

No kidding! That was my point. It is the ones in the blue states that political leaders and regulators have tried to use pro green goals and divestment of other companies in order to put political ideology above fiduciary responsibility to the retirees present and future.

 

It has become an all-out embrace of fascism. Not a lick of logic in their arguments, let alone a passion for what they espouse. It's all about anger and resentment over the imaginary effigies their right-wing overlords feed them.

 

Absolutely. Today's rightists don't even know what they are told to be angry about. They are just told to be angry about it and they follow their beloved leader.

 

Well we’re not going away nor are we giving up our beliefs or our liking of the great ultra MAGA King! We are here to stay now matter the reaction of let’s go Brandon fans. If there is to be communication and dialogue in America, MAGA Republicans will be a part of it.

 

Trumpism is here to stay even if he isn’t going to personally run for office again. The transition of the GOP from establishment elites to heartland multiracial working and middle class coalition is irreversible.

 

Trump 2024! Let’s MAGA again!




Tom StiglichMay 18, 2022
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Replacement Theory
See more Stiglich (@TStig822) toons HERE.

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Our side is not the angry ones….

 

See, that would actually be useful(I still don't support the idea of government owning private property, that's literally marxism to a T.) but if we were to adapt it, if for national security purposes perhaps I could stomach it begrudgingly.