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'Absolutely Infuriating': Biden Slammed for Using First Veto to Kill Bipartisan Resolution that would have reversed a final rule that pushes woke ESG standards as a priority over profitability for retirement accounts
Townhall ^ | 03/20/2023 | Spencer Brown

Posted on 03/20/2023 9:17:35 PM PDT by SeekAndFind

More than two years into his administration, President Joe Biden used his veto power for the first time on Monday, killing a bipartisan resolution that would have reversed a final rule from the Department of Labor that pushes woke ESG standards as a priority over profitability for Americans' retirement accounts.

In a statement, President Biden sought to justify his veto by claiming that the final rule "allows retirement plan fiduciaries to make fully informed investment decisions" while "ensuring that investment decisions made...maximize financial returns for retirees."

"There is extensive evidence showing that environmental, social, and governance factors can have a material impact on markets, industries, and businesses," the president said in the statement notifying Congress of his veto. "But the Republican-led resolution would force retirement managers to ignore these relevant risk factors, disregarding the principles of free markets and jeopardizing the life savings of working families and retirees."

I just vetoed my first bill.

This bill would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don't like.

Your plan manager should be able to protect your hard-earned savings — whether Rep. Marjorie Taylor Greene likes it or not.— President Biden (@POTUS) March 20, 2023

Conveniently, Biden omitted the fact that Democrats — including those in the Democrat-led Senate — also voted to overturn the Labor Department's final rule. Instead, Biden suggested the resolution was solely the work of "MAGA House Republicans," and Rep. Marjorie Taylor Greene (R-GA) which is false. Greene was one of the 216 bipartisan House members who voted to pass the resolution, as did the Senate which, again, is controlled by Biden's party. 

Biden continued by claiming that "this resolution would prevent retirement plan fiduciaries from taking into account factors, such as the physical risks of climate change and poor corporate governance, that could affect investment returns," though he provided no information to back up his words.

"Retirement plan fiduciaries should be able to consider any factor that maximizes financial returns for retirees across the country," the president said. "That is not controversial — that is common sense," he claimed. "Therefore, I am vetoing this resolution."

Republicans previously slammed President Biden and his Labor Department's decision to push ESG values in Americans' retirement accounts as a "middle finger to middle-class Americans" and the GOP didn't hold back on Monday following the president's veto.

Joining Republicans in airing their disapproval of Biden's decision to overrule the will of the American people, Democrat Senator Joe Manchin (WV) also took a swipe at the White House, saying the Biden administration "continues to prioritize their radical policy agenda over the economic, energy and national security needs of our country, and it is absolutely infuriating," he said. "The Administration’s unrelenting campaign to advance a radical social and environmental agenda is only exacerbating these challenges."

TOPICS: Business/Economy; Culture/Society; Front Page News; Government
KEYWORDS: banking; biden; energy; esg; finance; idiotbiden; impeachjoe; joezheimers; pedojoe; retirement; veto

1 posted on 03/20/2023 9:17:35 PM PDT by SeekAndFind
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To: SeekAndFind

How will Biden’s veto affect individual IRA’s? Can I tell my IRA fund manager to never include ESG strategies when overseeing my retirement money?

2 posted on 03/20/2023 9:26:57 PM PDT by rexthecat
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To: SeekAndFind

Why not let the retirees decide whether they want to invest in
wind turbines that freeze or solar panels made in China?

3 posted on 03/20/2023 9:34:27 PM PDT by ding_dong_daddy_from_dumas (Re-imagine the media!)
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To: SeekAndFind

following is behind a Murdoch paywall, but posting for the laugh. NSW is State of New South Wales, which has an election this week:

21 March: The Australian: NSW Labor ‘all-electric’ campaign bus ditched in favour of diesel alternative.
NSW Labor MPs, staffers and the travelling press pack have abandoned the party’s “zero emissions” election campaign bus in favour of a diesel alternative after realising the vehicle did not have the range to complete the trip.

Just days out from the March 25 election, Labor leader Chris Minn’s campaign has run aground, after staff belatedly realised the ALP-branded, all-electric bus would not make it back from Warragamba Dam, on Sydney’s western fringe.

The vehicle has only been operational since last week, ferrying journalists between media events. But only possessing a range of 300km, Labor staffers and journalists were forced to ditch the Australian-made vehicle in Camden, swapping onto a diesel alternative.

4 posted on 03/20/2023 10:02:01 PM PDT by MAGAthon
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To: SeekAndFind

Owned by the WEF.

5 posted on 03/20/2023 10:03:21 PM PDT by cld51860 (We’re doomed.)
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To: MAGAthon

Bank of England, post Mark Carney, seems to be waking up.

this needs to be spread far and wide.

with links to relevant articles:

13 March: ClimateDepot: Marc Morano: Bank of England Downgrades Net Zero & Will Cut Spending for its Work on Climate Change – Shift ‘to focus on core areas’
Bloomberg: Cost pressures prompt central bank to focus on core areas... Climate programs will slip lower on the central bank’s agenda so officials can focus more on the core operations such as financial stability, markets and a digital currency, according to a person with knowledge of the situation who asked not to be named. The BOE’s climate work currently focuses on building ESG disclosure guidelines, preparing insurers for risks from rising global temperatures and getting banks to carbon-test their balance sheets...

6 posted on 03/20/2023 10:12:53 PM PDT by MAGAthon
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To: MAGAthon

it continues to amaze me that the public shows so little interest in matters related to ESG.

in Australia, the pension (superannuation) funds are being raided, big-time:

15 July 2020: MoneyManagement: Australia taking ‘meaningful steps’ to integrating ESG in super
By Laura Dew
Australia’s superannuation system has taken ‘meaningful steps’ to ensure super is addressing environmental, social and governance (ESG) issues, according to research from the Principles for Responsible Investment (PRI).

In its latest report, the organisation compared private retirement systems in Australia, the US and UK and their inclusion of ESG...

Some ***81% of for-profit super funds***, it said, now had some form of responsible investment...

Australian Govt’s plan for people’s pension funds!

23 Aug 2022: Australian Financial Review: Exclusive: Superannuation will fund nation building: Chalmers
by Jonathan Shapiro and James Eyers
Federal Treasurer Jim Chalmers has laid down a new agenda for the $3.4 trillion superannuation sector that he hopes will steer part of its vast pool of capital toward nation building investments in housing and ***clean energy...

7 posted on 03/20/2023 10:30:56 PM PDT by MAGAthon
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To: MAGAthon

so many shilling for China/solar/wind/EVs etc. they must be getting some preferential treatment under ESG nonsense or something.

following has figures I’ve wanted to know for some years. they should be common knowledge everywhere. hope it goes viral.

quote is from a CNBC interview, video (2m15s) and transcript included:

21 Oct 2022: Climate Depot: Marc Morano: Goldman Sachs’ Jeff Currie: ‘$3.8 Trillion of Investment in Renewables Moved Fossil Fuels from 82% to 81% of Overall Energy Consumption’ in 10 Years
Economist Jeff Currie of Goldman Sachs (Global Head of Commodities Research in the Global Investment Research Division): “Here’s a stat for you, as of January of this year. At the end of last year, overall, fossil fuels represented 81 percent of overall energy consumption. Ten years ago, they were at 82. So though, all of that investment in renewables, you’re talking about 3.8 trillion, let me repeat that $3.8 trillion of investment in renewables moved fossil fuel consumption from 82 to 81 percent, of the overall energy consumption. But you know, given the recent events and what’s happened with the loss of gas and replacing it with coal, that number is likely above 82.” ... The net of it is clearly we haven’t made any progress.”

8 posted on 03/20/2023 10:31:55 PM PDT by MAGAthon
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To: SeekAndFind

Attach it to the next “must pass” bill. That’s what democrats do.

9 posted on 03/20/2023 10:34:40 PM PDT by DesertRhino (Dogs are called man's best friend. Moslems hate dogs. Add it up..)
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To: null and void; aragorn; EnigmaticAnomaly; kalee; Kale; AZ .44 MAG; Baynative; bgill; bitt; ...


10 posted on 03/20/2023 10:48:23 PM PDT by bitt (<img src=' 'width=40%>)
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To: SeekAndFind

Is override doable?

11 posted on 03/20/2023 11:29:41 PM PDT by Eleutheria5 (Every Goliath has his David. )
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To: MAGAthon

20 March: Reuters: Scratched EV battery? Your insurer may have to junk the whole car
By Nick Carey, Paul Lienert and Sarah Mcfarlane
For many electric vehicles, there is no way to repair or assess even slightly damaged battery packs after accidents, forcing insurance companies to write off cars with few miles - leading to higher premiums and undercutting gains from going electric...

12 posted on 03/20/2023 11:34:15 PM PDT by MAGAthon
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To: Eleutheria5

IMPEACH this treasonous bastard, now.

13 posted on 03/21/2023 1:35:32 AM PDT by Machavelli (True God)
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To: rexthecat

Every mutual fund available in an IRA publishes an annual or semi-annual report that contains all the information you need to know about how the fund is managed. If some loser wants to invest in an ESG-driven fund that gets a 0.1% annual return when other funds in the same asset class are getting 10%, then who cares?

14 posted on 03/21/2023 3:04:20 AM PDT by Alberta's Child ("I've just pissed in my pants and nobody can do anything about it." -- Major Fambrough)
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To: SeekAndFind

poor corporate governance AKA diversity inclusion and equity. The criminal is telling the investors where to put your money

15 posted on 03/21/2023 3:54:47 AM PDT by ronnie raygun
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To: Machavelli

There’s treason as defined in the Constitution. There’s bribery. But there’s a Dem majority in the Senate. So the impeachment will leave him in office, and garner some sympathy for him. You have to do something to alienate the wokies. They’re only mildly p!ssed at him right now. They have to be furious, like Republicans (don’t ask me why) in 1973, so much so that the Dems turn on him.

16 posted on 03/21/2023 4:28:55 AM PDT by Eleutheria5 (Every Goliath has his David. )
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To: SeekAndFind
He’s likely seeing the same polling R’s are: when people find out what ESG is, they don’t want their retirement $ anywhere near it.— Matt Whitlock


17 posted on 03/21/2023 6:57:30 AM PDT by GOPJ (Hunter Biden's BS about "seed loot"? Only people stupid enought to belive him are press bimbos.)
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To: rexthecat

“Can I tell my IRA fund manager to never include ESG strategies when overseeing my retirement money?”

We did about six months ago in the meeting with our Vanguard guy. He made adjustments.

18 posted on 03/21/2023 7:05:49 AM PDT by MayflowerMadam (Stupid is supposed to hurt.)
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To: rexthecat

No, it’s not your money if the Fund Manager controls it.

19 posted on 03/22/2023 5:42:04 PM PDT by damper99
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