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(WND) Joe Biden is being shredded online for his decision, using his first veto of his term in the White House, to let money managers “prioritize ESG scams over the best-performing investments.”
Joe Biden’s first veto as president: letting retirement fund managers prioritize ESG scams over the best-performing investments.
Why is he playing games with working people’s retirement money? https://t.co/KaAex5TMDy
— Tom Cotton (@SenTomCotton) March 20, 2023
That comment comes from Sen. Tom Cotton, who openly wondered why Biden is “playing games with working people’s retirement money?”
Biden vetoed a bipartisan bill that would have reversed a Labor Department rule that not only allows, but encourages those companies managing retirement accounts for others to consider “ESG” factors in their investing.
At the bottom line, it means those corporations no longer have the specific responsibility to manage others’ money for their best interest.
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. pic.twitter.com/PxuoJBdEee
— President Biden (@POTUS) March 20, 2023
They now can invest retirement money on offbeat “environmental, social, or governance” issues without having to worry about whether their decisions will benefit the owners of the money, or actually hurt them.
Fox News reported Sen. Joe Manchin, D-W.Va., “blasted” Biden for his move.
“President Biden is choosing to put his administration’s progressive agenda above the well-being of the American people.”
But GOP presidential hopeful Vivek Ramaswamy pointed out that Biden is using “the invisible fist of government” to control investments.
The fact that Biden’s first veto is about promoting ESG reveals the problem: this isn’t the invisible hand of the “free market.” It’s the invisible fist of government. Don’t fall for their trick. https://t.co/qUeWxwgpxH
— Vivek Ramaswamy (@VivekGRamaswamy) March 20, 2023
Former journalist Charles R. Smith, who wrote, “Lying by Omission,” said Biden is allowing money managers to pursue Democrat “ideological goals,” and ignore their “fiduciary obligations.”
And GOP rapid response director Tommy Pigott said, “The people who manage your retirement savings should only have one thing to consider: Your retirement security.”
He pointed out Biden is giving “far-left special interests” a priority higher than the economic well-being of Americans.
Fox reported former congressional candidate Jason “Storm Chaser” Nelson dispensed with the niceties. “You are such a liar, man.”
He said, to Biden, “You just vetoed a bill that would ensure investments are based on returns, not political policies.”
Bill sponsor Sen. Mike Braun, R-Ind., said, “President Biden issued a rule that allows money managers for retirement accounts to use ESG as the reason for an investment. Previously, fiduciaries had to invest based on the best rate of return.”
