This article was authored by Andy Puzder for DailyMail.com on November 30, 2022.
Check your 401(k)'s fine print! Because now Biden wants to raid YOURS to fund net zero and 'diversity'. But why should his woke agenda put your retirement at risk, demands ANDY PUZDER
If you are among the tens of millions of Americans with a 401(k), you'd better pay attention.
The Biden administration is putting your retirement money at risk in pursuit of their woke leftist agenda.
The evening before Thanksgiving to avoid unwanted attention, Biden's Department of Labor released an Orwellian new rule misnamed 'Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights.'
Don't let the mind-numbingly bureaucratic gobbledygook distract you.
The rule interprets a law that requires fund managers make investment decisions for the sole benefit of the Americans who depend on those assets.
That's certainly both a good and reasonable policy. And at one time, it was bipartisan.
Congress passed ERISA (the Employee Retirement Income Security Act) in 1974. The law makes it crystal clear that those managing such assets must do so 'solely' in the interest of and for the 'exclusive purpose' of 'providing benefits to participants and their beneficiaries.'
This patently clear language provides no basis for investing assets to prioritize – say – saving the planet, achieving 'equity,' or in any way advancing wokeism.
Well, enter the Biden Administration and 'environmental, social and governance' – or ESG – investing.
ESG is a set of ill-defined, non-financial investment criteria used to screen potential investments based on how well a company is pursuing certain social or political goals.
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