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Posted on 11/07/2021 4:28:05 PM PST by markomalley
Almost exactly one year ago, the US Department of Labor issued a regulation requiring that employers and their financial advisers choose employee investment plans based solely on financial factors… and nothing else.
Even more specifically, the regulation prevents employers from choosing a mutual fund or ETF whose main objectives are anything other than financial, i.e. mutual funds which place social or environmental justice above investment returns.
The rule effectively stopped employers from injecting their personal beliefs into their employees retirement plans.
Yet earlier this year, new Labor Department under the administration of Hunter Biden’s dad announced that they would no longer enforce this rule.
Three weeks ago they went a step further and created a new regulation called “Financial Factors in Selecting Plan Investments”.
This new rule proposes to formally reverse the old regulation by expressly allowing businesses to “make investment decisions that reflect climate change and other environmental, social, or governance (“ESG”) considerations. . .”
The proposed regulation goes on for THIRTY THREE PAGES and outlines every possible woke investment initiative imaginable.
(Excerpt) Read more at sovereignman.com ...
Legal cover for plunder. Just like redefining vaccine they will redefine fiduciary.
Who cares. You can always refuse to invest in any investment vehicle that doesn’t meet your needs.
The problem is that the majority of investors are not going to read the fine print.
They are counting on that.
Then the majority of investors have no business being investors.
I recently moved all my 401K to a self-directed IRA.
Just roll your 401k into a self directed IRA.
My 401K is entirely in an S&P 500 fund. Can’t argue with the performance. Don’t most other employees have a similar option? My IRAs and investment management accounts are entirely in equities and other investments of my choosing, e.g., Sturm Ruger, but diversification is key.
Fair enough—those investors are stupid—and normally I would not care.
However, these corporations are going to be weaponized to destroy our rights, silence our voices, and make our lives miserable.
At that point it becomes our problem.
You can only invest in funds that are part of the plan. If none of those suit you, then you don't invest. In my working career, I never saw a plan that let you just put your money into a cash account.
In that defined benefit plans are not so widely available anymore, and pretty much non-existent for employees of smaller firms, everyone needs to learn to be an investor.
I don’t see defined contribution plans, or IRAs going away.
Add the Labor Department to the list of Government Departments and Agencies which should be abolished.
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Don’t care. closed my 401K out this last month. Gave my notice, I’m gone EOM Dec.
OSHA can KMA.
A return to 1927?
I don't think they were intentionally trying to collapse the system in 1927
My personal goal is for a Zero ESG score
Like handing funding to the Chicago Annenburg Challenge … it’s all about the swag.
Excellent, congratulations!
I do. The very EXISTENCE L of ESG scores without a symmetrical equivalent pisses me off. Why do lib-weenies get to vote their politics with their dollars but I don’t??
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