Department of Labor proposes rule to add political directives to retirement savings

Fox Business ^ | 10/21/21 | Wall Street Journal summary

[Pining_4_TX]

Asset managers like BlackRock are pushing to create ESG 401(k) funds in part because they can charge higher fees. According to Morningstar, the asset-weighted average expense ratio of U.S. "sustainable" funds was 0.61% in 2020 compared to 0.41% for all open-ended mutual and exchange-traded funds and 0.12% for passive funds. This difference can reduce retirement savings by tens of thousands of dollars over a few decades.

(snip)

All of this amounts to a backdoor rewrite of Erisa, one of the better laws of the last 50 years. 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.

[Ken H]

Looks like I’ll have to roll over one more time:)

[Ken H]

Here ya go =>

The Vitium Global Fund, formerly the Vice Fund, is a mutual fund managed by USA Mutuals that focuses its investments on vice industries often considered socially irresponsible investments or “sin stocks.”

[Lurkina.n.Learnin]

I invested all my money in houses and lots. Whore houses and lots of whiskey.

[LRoggy]

Easy to explain. Treasury Assistant Secretary Adeyamo was Larry Fink’s right hand man at BlackRock.

[Texas Fossil]

Bastille Day?

Adversity employs great talents; prosperity renders them useless and carries the inept, the corrupted wealthy and the wicked to the top

May they bear in mind that virtue often contains the seeds of tyranny

May they bear in mind that it is neither gold nor even a multitude of arms that sustains a state but its morals

May each of them keep in his house, in a corner of this field, next to his workbench, next to his plow, his gun, his sword, and his bayonet

May they all be soldiers

May they bear in mind that in circumstances where deliberation is possible, the advice of old men is good but that in moments of crisis youth is generally better informed that its elders

Denis Diderot

Apostrophe to the Insurgents, 1782

Adversity employs great talents; prosperity renders them useless and carries the inept, the corrupted wealthy and the wicked to the top

May they bear in mind that virtue often contains the seeds of tyranny

May they bear in mind that it is neither gold nor even a multitude of arms that sustains a state but its morals

May each of them keep in his house, in a corner of this field, next to his workbench, next to his plow, his gun, his sword, and his bayonet

May they all be soldiers

May they bear in mind that in circumstances where deliberation is possible, the advice of old men is good but that in moments of crisis youth is generally better informed that its elders

Denis Diderot

Apostrophe to the Insurgents, 1782

[gitmo]

So did I

[E. Pluribus Unum]

Black Rock has decided their fiduciary responsibility is to Gaia, not their clients.

[E. Pluribus Unum]

Bastille day.

According to Nasty Piglosi, that already happened on January 6th. 🤡

[Jeff Chandler]

I just lucky to have frittered away my 401K before this happens.

[Smellin Salt]

Thanks buddy!

[Pining_4_TX]

Hmm, you might have something there. :-)

[MadMax, the Grinning Reaper]

Sold Blackrock last year when they went PC. They are getting very greedy re real-estate, making it much more expense for first time home-owner wannabes.

[MadMax, the Grinning Reaper]

#15. Bastille Day, aka in France, “Get A Head Day” for the working class.

[SuperLuminal]

You now live in a communist country.
You can expect these draconian proposals, rules, & actions...

Clearly, the Aamerican sheeple have decided that it just doesn't matter...

There will be thousands of these draconian proposals, rules, & actions over the next several years... Until 100% of the sheeple get their heads straight and follow the party line...
Get used to it or do something significant about it...

Our beloved communist masters only have to schedule more stimulus checks and the sheeple are fine with anything the masters do or say...
Bow down!... Obey!... Snitch!...

[Pelham]

Blackrock and Chinese nationals are in a race to see who can buy more of SoCal’s single family housing stock. There’s something very wrong in this.

[CatOwner]

Did my wife’s back in the spring. Had been sitting there for a few years after retirement because of some solid mutual funds, but the 401(k) “administration” costs were starting to spike.

[Eleutheria5]

Buy gold. Bury it in your back yard. Buy shotgun. Bury people who try to dig up your back yard in your back yard.

[SunkenCiv]

According to Morningstar, the asset-weighted average expense ratio of U.S. "sustainable" funds was 0.61% in 2020 compared to 0.41% for all open-ended mutual and exchange-traded funds and 0.12% for passive funds. This difference can reduce retirement savings by tens of thousands of dollars over a few decades... 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.

[Still Thinking]

Why do libtard weenies always get the opportunity to vote with their dollars but we normals don’t?