Jay Weber Show transcript 11-4-21 7:10am
A rule that was quietly proposed by the Biden administration that would all-but force your company to invest your 401k money into ‘woke’ companies and causes.
Honestly.
It’s a new labor department rule that could be coming:
The labor department rule makes clear that “climate change and other esg factors are often material” and should be considered “in the assessment of risks and returns.”
It also rescinds a trump-era rule that requires administrators and asset managers to offer investment options solely in the financial interests of participants.
Under the proposed rule, announced late last month, administrators could enroll workers in esg funds as a default if the employee does not select an investment option. Workers could unknowingly be supporting causes that don’t align with their political views.
If approved, the rule could affect the roughly 150 million workers and $10 trillion in assets covered under the employee retirement income security act of 1974, or ERISA.
So, what we have here is, yet again, a move by trump that clarified for everyone: your obligation as a 401k administrator is to make your employees money. Your focus should be on getting them the best return, period, when you select funds to offer them as investments.
And here comes Biden, saying, no, no, companies should be required to considerwhether the fund or investment is a ‘good cause’, too. And a ‘good cause’ is, of course, a ‘woke, lefty’ cause.
This is more outrageous bull-crap- being forced onto unwitting Americans by an out-of-control executive branch.
And Joe Biden didn’t think of this.
He’s got a huge team of activist minions who he has surrounded himself with who are dreaming up every. Possible. Way to inject left wing politics and policy into every part of government.
And Biden’s team boasted that that was what they were going to do, after they won the election last fall. And so, we don’t have to guess at this.
They promised-this sort of lefty crap, injected into the very DNA of our federal government and it’s agencies. And here’s an example.
They’re even trying to hide it. Floated it out on the down low...so as not to attract attention. And the possible harm to our portfolios is self-evident. Quote.
“Financial security is about planning for the future, so it’s just common sense that ERISA fiduciaries be allowed to consider the environmental, social and governance factors that are shaping the future. The Biden administration’s step to acknowledge this reality is a win for workers, retirees, investors, businesses, communities, the environment — everyone,” Sens. Patty Murray of Washington and Tina Smith of Minnesota said in a joint statement. “This new rule will help build a future for families that is more just, diverse, sustainable and financially secure.”
The putrid Patty Murray.
Leftists have been engaged in an organized campaign to force ‘socially conscious investing’ onto the financial community for years, and it is another area in which our lawmakers should just butt out.
And certainly, the executive branch shouldn’t be able to use agencies to create rules like this. This is government saying- we are going to use -your- retirement money-
The ten trillion dollars that is sitting out there in such accounts-to play left wing politics with. And whether you get a return on us woke investments or not, doesn’t really matter.
It should be criminal for politicians to hijack financial portfolios in this way.
And no- congress has no way to stop it. At least not until republicans are back in control of everything-then they could pass Rubio’s bill that outlaws such activity. But until or unless they do, this will be the new mandate moving forward.
And then the democrats wonder why they are facing a national backlash: keep your damn hands off my retirement account. And out of my community school. Etc.
And while you are at it-keep your hands off the economy. All you democrats do is bleep it up.
I was at the grocery store yesterday and the noticeably higher prices -on everything-was shocking. And as all American family experience this-these jackasses in Washington are still talking about passing trillions more in taxation and spending....as they do nothing to fix inflation or supply chain problems.
story credit; The Washington Times
photo credit: Getty Images