Biden sued for injecting woke politics into retirement accounts. ( ESG )

WND News Center ^ | February 21, 2023 | Bob Unruh

[george76]

New rule lets money managers factor in 'climate change and racial justice'

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Joe Biden is being sued for his scheming to inject politics into retirement accounts – the savings millions of Americans have set aside for their own senior years.

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That would let those managing retirement accounts to use "environmental, social, and governance" factors in their management of others' money.

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"Imposing ESG factors not only violates the Employment Retirement Income Security Act of 1974 (ERISA), which governs the operation of retirement plans and protects the hard-earned savings of millions of employees from mismanagement and abuse, but undermines the authority of Congress," WILL explained.

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By injecting highly partisan issues – like climate change and racial justice – into investment strategy, the Biden administration is jeopardizing the retirement income of over 140 million Americans. Their new rule far exceeds the law and their constitutional authority."

The concept of using ESG as a factor means that a custodian of retirement funds could invest in a failing wind energy project rather than a profitable oil or natural gas venture – costing the future retirees part of their assets.

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"The suit urges the court to enter a declaratory judgment that the ESG rule exceeds the statutory authority conferred on the secretary and the department by Congress, and thus violates the Administrative Procedure Act," WILL said.

The federal ERISA law was set up to protect retirement savings from mismanagement and abuse, and requires those who administer plans and are custodians of others' funds to act for the owners' benefit.

"Congress has provided that a fiduciary shall discharge its duties with respect to an ERISA plan 'solely in the interest of the participants and beneficiaries and for the exclusive purpose of providing benefits to participants and their beneficiaries

[sauropod]

.

[MAGAthon]

same thing is happening in Australia and, no doubt UK & possibly elsewhere. can’t even find any MSM documenting the crucial bits of the Australian Govt’s plan.

basically, the Govt - which has been in power for less than a year - and which said they would not meddle with the $3.3AUD pension funds (Superannuation funds) - now plans to control the funds and use them for Govt “priorities” (namely “climate” scams).

so much trivial nonsense distracting people while these things are happening. what a shame.

[WildHighlander57]

Those woke companies are gonna get sued for not acting in a fiduciary way on behalf of the -holders.

[The Duke]

The issues we’re facing will likely not find any resolution in a conventional court of law.

[Chgogal]

It’s about time.

[ronnie raygun]

ESG is cancer, reduce, debilitate and strangle those nations who are economically strong to 3rd world status and to support encourage and protect others who follow their agenda and rules to take control. A scam to fund the NWO

[Alberta's Child]

I’m guessing this lawsuit was filed by a publicity-seeking lawyer on behalf of a politically motivated crusader.

The lawsuit is just as dumb as the ESG regulation … which is just as dumb as the original U.S. Department of Labor regulations that established fiduciary requirements for retirement fund managers in the first place.

[cymbeline]

“The lawsuit is just as dumb as the ESG regulation”

The article says the new rule “lets” money managers factor in ESG. Thus the new rule doesn’t mandate anything unless current rules prohibit factoring in ESG.

I manage my own retirement money so am not familiar with retirement accounts managed by others. I sure wouldn’t want my fund managers compromising gains in the name of ESG.

[Salman]

Not to worry. The "money" will all be worthless pretty soon anyway.

Only middle class people store most of their wealth as "money".

[pfflier]

I do not need others injecting their morality into my financial security.

I hire my money manager for the highest ROI and expect that is his only job. ESG stuff typically does not give the highest yield in the market.

[george76]

Employment Retirement Income Security Act of 1974 requires investment managers to act as fiduciaries, and forbids them from mismanaging or abusing retirement dollars..

By injecting highly partisan issues – like climate change and racial justice – into investment strategy, the Biden Administration is jeopardizing the retirement income of over 140 million Americans.. Their new rule far exceeds the law and their constitutional authority.

https://justthenews.com/nation/states/center-square/will-lawsuit-biden-administration-esg-rules-hurts-investors

[Vaduz]

Biden injecting FTX plan to feed the government.

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