Posted on 12/01/2022 5:46:28 PM PST by bitt
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.
(Excerpt) Read more at dailymail.co.uk ...
GOP wants to cut Social Security, so that both parties want to impoverish the poor and middle class elderly.
Lawsuits need to be filed.
Agree.
You’d think the MANY mid sized businesses would be joining together, on this.
Exactly. It is a trojan horse that is now inside the gates. It is now used by the Left to destroy Western Civilization, which was the goal all along.
I’m good with a RICO case involving the US Federal Government.
SEC, etc.
I’m no lawyer though. I know we have some here...
> Stable value is great for people who are getting close to retirement. I am still up for the year compared to my coworkers who lost over 10%.
Ok. S&P 500 is down 15% this year but that’s after three years of +29, +16, and +27%. The only people burned are those that panic sell or are forced to for expenses in retirement or legally required minimum distributions.
That said, variety may be the spice of life but it’s the safety cushion of saving. Some value, some index fund, some real estate, some metals, no crypto unless you don’t care if you lose it or it goes wild, this sort of thing provides a silver lining to every dark cloud. Similarly not all eggs in one financial company or bank. These days it’s good to have contingency plans for your contingency plans.
https://finasko.com/sp-500-returns/
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bmp for later
FJB and ALL his flying monkeys.
I have a self directed IRA. Not for everyone though as I have the time to keep focus. My focus last two years has been in EandP companies. Recently I began buying treasuries. YtoDate I am up close to 25% net. Last year was a blow out great year. That is slowing as my proportion of treasuries gets larger as the coupon is 4-4.5%. I think when the crypto blowouts come further as this current scandal is just the tip of iceberg, the markets will roil more.
Anyway because it worked for me does not mean it would work for anyone else. Advice for nothing means you get what you pay for.
As it relates to this bunch of bums we have as elected (and bought) officials I say keep an eye on them. Long ago they gave up being guardians of the republic. They are for the most part charlatans at best and devils at near the worse.
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