Conservatives in Congress are warning retirees they may lose everything, as corporate boards seized by liberal investors are sinking billions into leftist causes and doomed trendy investments.
Education and Labor Committee Republican Leader Virginia Foxx (R-NC) and Health, Employment, Labor and Pensions Subcommittee Republican Leader Rick Allen (R-GA) are blowing the whistle on a new Labor Department rule allowing retirement plan managers to consider environmental, social, and corporate governance (ESG) factors when making investment decisions and exercising shareholder rights.
“The Biden administration’s new rule jeopardizes the financial security of many retirement savers, especially workers and retirees who may be put into ESG investments by default,” writes Foxx and Allen in a statement.
“The new rule overturns the strong protections implemented by the Trump administration, which guarded retirement savers from investment managers seeking to advance social and political objectives unrelated to the financial benefits to workers and retirees,” the lawmakers write.
“The Biden administration is choosing its climate and social agenda over retirees and workers. This is bad news,” they warn.
The social fad known as “environmental, social, and corporate governance,” only allows companies to invest in causes and companies that promote liberal political causes, despite the fact they often fail.
The movement threatens to destroy the retirement savings of millions of American while funneling billions of dollars into the pocket of liberal activists, and comes in the wake of the FTX scandal, in which the managers of a cryptocurrency exchange appear to have stolen billions of dollars from investors attracted by its liberal activism and promotion of leftist causes.
Nations run by ESG agendas are already seeing their economies collapse, with economists warning the United States could join them.
The Daily Caller reports:
Sri Lanka is in a last-ditch effort to stave off economic collapse after an allegedly climate-friendly ban on artificial fertilizers devastated one of the country’s largest industries, according to experts.
Sri Lanka has been wracked with poverty, inflation and fuel shortages on a massive scale, with the Prime Minister declaring Tuesday that the country has gone “bankrupt,” according to Business Insider. A ban on chemical fertilizers, implemented April 2021 in an effort to promote organic farming, proved the final straw after a string of missteps, decimating Sri Lanka’s primary source of income and forcing it into bankruptcy, experts told The Daily Caller News Foundation.
“Our economy has faced a complete collapse,” Prime Minister Ranil Wickremesinghe said on June 23, according to CNN.