The Pandemic Fearmongers Aren't Going to Like the Latest COVID Update
November Can’t Come Fast Enough
The White Noise Election
Standing for Christ Puts Pastor In IRS Crosshairs
Haley Gets Her First Senate Endorsements
Self-Evident? Self-Evident to Whom?--Part One
A Quick Bible Study Vol. 207: What the Bible Says About Mountains
Ted Cruz: 'Joe Biden Campaigned on Dismantling the Southern Border'
Biden's Sending More Aid to Gaza, but That's Not the Only Issue
Joe Biden's 2024 Chances Look Grim As Trump Tops the Polls
Hundreds of J6 Cases Could Be Shortened in Massive Court Win
Leftists Are Melting Down Over the Latest NYT Survey, But There's Even More...
The Absurd Thing Nikki Haley Just Said About Trump
The Erosion of Religious Freedom
Four Years Later, Do We Love Christ More?
Tipsheet

States Sue to Stop Biden's Assault on Retirement Savings

AP Photo/Patrick Semansky

A number of Republican led states are suing the Biden administration over a new rule that forces retirement investment managers to favor leftist Environmental, Social and Governing [ESG] friendly companies over profits or return on investment for retirees. This of course puts the retirement of millions at risk and turns retirement accounts into a social experiment for rabid climate activists. 

Advertisement

"The Department of Labor rule, first announced in November, reverses restrictions put in place under the Trump administration. It is now facing a lawsuit from Utah and two-dozen other states, who argue that it violates the Employee Retirement Income Security Act (ERISA) of 1974, which says retirement plan assets must be held for the exclusive purpose of providing benefits to participants in the plan, and that fiduciaries must act solely in the participants' interests," Fox Business reports. "The GOP-led states say that by focusing on social and political agendas, plan managers will be compromising the growth potential of participants' accounts."

"The lawsuit was filed Thursday in federal court in Texas. The court has yet to issue a ruling on the request for an injunction.  If granted, the rule would be blocked for the duration of the case, depending on any subsequent appeal," the report continues. 

The Job Creators Network has also been working to oppose the rule. 

“Environmental, social, and governance (ESG) considerations should not be a factor for businesses when deciding how to manage the assets of employee 401k plans. Retirement accounts should be invested with the sole purpose of achieving strong returns, not social engineering. This proposed rule from the Department of Labor—which amounts to obvious government overreach and opens the door to activist investing—would not only compromise the financial stability of retirees but would harm the small business community," Job Creators Network Foundation CEO Alfredo Ortiz released in a statement late last year. "Unlike large corporations, small businesses don’t have the excess resources to navigate the ESG minefield—leaving Mainstreet with a competitive disadvantage. If the Biden administration doesn’t scrap the rule, the Job Creators Network Foundation is prepared to explore legal options.”  

Advertisement

If you're looking for a primer on what exactly ESG is and how damaging it is, see here

Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos

Advertisement
Advertisement
Advertisement