It’s not enough that Biden’s economic program is eating up your life savings through inflation, now he wants to force your 401(k) to invest in radical, woke, far left social causes even if it impairs the return you get on your investment.
He also wants to force fund managers to give priority to investing in unionized companies as opposed to non-union firms.
President Trump ordered that only “pecuniary considerations” can determine where fund managers invest your money. The highest return gets the investment. But Biden’s Labor Department wants to “allow” fund managers to invest in firms that offer lower returns if they invest your money in ESG funds (Environment, Social Justice, and Governance) that oppose fossil fuels, support unionization, and prioritize gender and racial diversity over giving you a good return on your investment.
Obviously, this new regulation is the first step toward incentivizing and then requiring investment in ESG funds.
Unless the Labor Department changes its mind — or the new Congress blocks the change — the rule will take effect at the end of next month January 2023.
Some have complained that ESG stands for “Expect Slower Growth.”
But you can still stop this new rule if you get in touch with your Congressmen and Senators and demand that the Labor Department not proceed with the legal theft of your savings.
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