Democrats Target Your Retirement Fund
This is just ridiculous.
On Monday, President Joe Biden used his veto power for the first time to turn down a bipartisan bill that aimed to overturn a Labor Department regulation allowing the consideration of left-leaning environmental, social, and governance (ESG) policies in retirement investments.
In transcript provided by Breitbart, Biden stated, “I just vetoed my first bill.”
Biden the attempted to trick Americans and said, “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.”
The Congressional Review Act (CRA) resolution, H.R. 30, which sought to revoke President Biden’s Labor Department ESG rule, was the legislation he was referring to.
The Labor Department ESG rule, which President Biden’s veto has preserved, allows fund managers to factor in climate change and prioritize ESG initiatives in selecting retirement investments and exercising shareholder rights like proxy voting. This represents a form of left-leaning activism in financial investing. The rule also overturned a regulation established during Donald Trump’s presidency, which aimed to safeguard the retirement plans of Americans.
Both the Republican-controlled House of Representatives and the Democrat-controlled Senate passed the legislation before it reached the President’s desk. In the Senate, Democratic Senators Joe Manchin of West Virginia and Jon Tester of Montana joined the Republicans in approving the bill, which opposed Biden’s Labor Department policy.
Prior to Biden’s veto of the legislation, the White House had made it clear that the President would reject it if it were to pass through Congress. Despite the House scheduling a vote to override the veto on March 23, it is improbable that the veto can be overridden due to the slim majority in Congress. This is because a two-thirds majority in both chambers is required to override the President’s veto.
Biden wants to bring his “woke” ideologies and put your retirement accounts at risk and he doesn’t care what happens. That’s because Biden knows that even if he ends up sabotaging millions of Americans’ retirement accounts the mainstream media and Democrats will cover for him by blaming Trump and the Republicans instead.
