Biden Preying On Americans’ 401k
This is excessive.
In a move that came totally out of left field, President Biden and his crazy administration was trying to push a new rule that would require private retirement plan fiduciaries to “consider” factors such as the environment, climate, governance and more when making your investments.
Basically Biden was trying to push a rule where investors who deal with things such as your 401(k) and other retirement savings plans to consider “climate change” when making decisions.
Thankfully, the Senate struck down Biden’s rule almost immediately and now Republican Senator Ted Cruz gave Biden a mouthful about it.
According to Fox, Cruz stated, “This is your retirement that Joe Biden has said his politics matters more than your retirement, and he’s perfectly happy for you to take the hit.”
Republican Senator Bill Cassidy also stated, “And there’s a certain irony here, since [the Biden administration] always billed themselves as actually caring about the person who’s struggling. People are going to struggle more because of this rule.”
“This weaponizes their retirement accounts against both their future, but also their present,” Cassidy added.
Cruz later added that President Biden was prepared to risk every Americans retirement account saying, “‘Global ESG funds have underperformed the broader market in the past five years, returning an average of 6.3% a year, compared with 8.9% for broader funds, which means an investor who put $10,000 into an average global ESG fund in 2017 would have $13,573 today, roughly $1,720 less than if they’d put it into a non-ESG portfolio.'”
“The Senate stood together with a bipartisan vote yesterday and reversed this and said you ought to be able to save for your retirement without politicians impacting and hurting your savings,” Cruz added.
Thankfully, the Senate had enough common sense to stop the President Biden and his wacko adminisration.
