There's far more underhanded crap being pulled than just Build Back Bolshevik Bankruptcy Budgets.
...An important Trump Labor rule last fall reinforced that the Employee Retirement Income Security Act (Erisa) requires retirement plan fiduciaries to act "solely in the interest" of participants. The rule prevented pension plans and asset managers from considering ESG [environmental, social, governance] factors like climate, workforce diversity and political donations unless they had a "material effect on the return and risk of an investment." The rule effectively barred plans from placing workers who don’t select a 401(k) fund option into a default ESG fund. ...
...The Biden DOL plans to scrap the Trump rule while putting retirement sponsors and asset managers on notice that they have a fiduciary duty to include ESG in investment decisions. The proposed rule "makes clear that climate change and other ESG factors are often material" and thus in many instances should be considered "in the assessment of investment risks and returns."
A fiduciary’s duty may "often require an evaluation of the effect of climate change and/or government policy changes" such as electric vehicle mandates on an investment, the rule-making says. Retirement plan sponsors won’t merely be allowed to prioritize climate and social factors in how they invest. They could be sued if they don’t. Workers won’t get much say because plans won’t be required "to solicit preferences" on ESG....
"Governance" includes CRT, by the way; and "Environment" means your 401(k) will be dumping coal and petroleum stocks in favor of windmills, butterflies, unicorn-farts, and sunshine.
Let's Go Brandon!!
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