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Oct 21 2021

Biden Regime to Politicize Retirement Savings

Did you work hard your whole life to prepare a secure retirement? That’s too bad. Biden and his handlers are politicizing 401(k) investments. Your retirement may not be so secure after all.

The Wall Street Journal reports on a rule Biden’s Labor Department proposes to inflict on your retirement nest egg in the name of leftist ideology:

The Administration says the rule will make it easier for retirement plans to offer 401(k) funds focused on ESG (environmental, social and governance) objectives.

ESG is a euphemism for moonbattery. As noted recently, pursuing ESG rather than profits wastes investors’ money. With the government involved, it means you will be compelled to invest in financial sinkholes of leftist lunacy.

Trump’s Labor Department left us with the Employee Retirement Income Security Act.

The rule prevented pension plans and asset managers from considering ESG factors like climate, workforce diversity and political donations unless they had a “material [beneficial] effect on the return and risk of an investment.”

Biden’s handlers want to turn this upside down, so that asset managers are required to prioritize leftist ideology over return on investment, at the risk of being sued.

As usual, corporatist (a.k.a. fascist) Democrats have corrupt collaborators in the private sector:

Asset managers like BlackRock are pushing to create ESG 401(k) funds in part because they can charge higher fees. … This difference can reduce retirement savings by tens of thousands of dollars over a few decades.

The Biden rule would let plan sponsors enroll workers in ESG 401(k) funds as the default, so workers could unknowingly end up paying higher fees. It also threatens retirement plan sponsors with legal liability if they don’t support progressive shareholder resolutions, such as those requiring companies to reduce CO2 emissions or disclose political donations.

Forcing companies to reduce harmless carbon emissions will have zero measurable impact on the allegedly problematic weather. But it could have plenty impact on your rate of return.

Progressives are moving across the Biden Administration to steer private capital to implement an agenda they can’t pass through Congress. Your savings will be conscripted to advance the progressive agenda, whether you like it or not.

Next, they will come for IRAs. There is no limit to Democrats’ lust for power and greed for other people’s money.

On tips from Henry and Varla.


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2 Responses to “Biden Regime to Politicize Retirement Savings”

  1. […] subordinating wealth to moonbattery doesn’t stop with your retirement account. All money is subject to federal control in the name of leftist ideology. The woke propagandists at […]

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