by Boo_Randy
The scams & f*ckery from the corrupt Marxist Brandon regime just keep coming.
The government just told fund managers(401k) that it’s a good thing to lose money for their clients(investors, pension plan managers,etc) in the name of climate change, wokeness, equiity, etc. By law investment fund managers sole aim was to make their clients money(fiduciary responsibility). Now your retirement fund goes to help the less fortunate or whatever and fund managers are off the hook on fiduciary responsibility to the ppl that invest money with them for retirement.
via dailymail:
Andy Puzder is a former CEO of CKE Restaurants, chairman of 2ndVote Value Investments, Inc., and a visiting fellow at the Heritage Foundation
If you are among the tens of millions of Americans with a 401(k), you’d better pay attention.
The Biden administration is putting your retirement money at risk in pursuit of their woke leftist agenda.
The evening before Thanksgiving to avoid unwanted attention, Biden’s Department of Labor released an Orwellian new rule misnamed ‘Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights.’
Don’t let the mind-numbingly bureaucratic gobbledygook distract you.
The rule interprets a law that requires fund managers make investment decisions for the sole benefit of the Americans who depend on those assets.
That’s certainly both a good and reasonable policy. And at one time, it was bipartisan.
Congress passed ERISA (the Employee Retirement Income Security Act) in 1974. The law makes it crystal clear that those managing such assets must do so ‘solely’ in the interest of and for the ‘exclusive purpose’ of ‘providing benefits to participants and their beneficiaries.’
This patently clear language provides no basis for investing assets to prioritize – say – saving the planet, achieving ‘equity,’ or in any way advancing wokeism.
Well, enter the Biden Administration and ‘environmental, social and governance’ – or ESG – investing.
This video is the best breakdown explanation of ESG investing