Biden Issues First Veto, Killing Anti-ESG Investing Rule, Putting Climate Goals Over Well-Being Of Americans

[Jim H - VA USA]

As usual, he is putting the special interests of progressives and China ahead of the interests of hard working Americans.

By vetoing H.J.RES.30, he is putting a DOL rule above a law passed by both houses of congress.

Retirees will have considerably lower returns and less comfortable retirement finances for the sake of companies which give lip service to the Climate Agenda.

Here he is mumbling about what he just did.



He can barely speak, and his official video is overlaid with the text, "PRESIDENT BIDEN VETOES EXTREME MAGA LIMITATIONS ON RETIREMENT FUNDS."

Here is the bill he vetoed...

https://www.congress.gov/bill/118th-congress/house-joint-resolution/30/text

And here is the DOL rule which will continue in force...

Federal Register :: Request Access

www.federalregister.gov

It allows funds to put other goals - "environmental justice", social, or governance - ahead of the financial interests of the funds' investors.

The facts are, ESG funds perform very poorly.

An Inconvenient Truth About ESG Investing

Investing in sustainable funds that prioritize ESG goals is supposed to help improve the environmental and social sustainability of business practices. Unfortunately, close analysis suggests that it’s not only not making much difference to companies’ actual ESG performance, it may actually be...

hbr.org

Biden could not care less about the well-being of Americans. He's raiding their retirement savings for a vapid progressive agenda.

Take it from Joe Manchin...

Manchin Statement on President Biden's Veto of Bipartisan Challenge to ESG Rule Politicizing Americans' 401KS | U.S. Senator Joe Manchin of West Virginia

The Official U.S. Senate website of Senator Joe Manchin of West Virginia

www.manchin.senate.gov

“This Administration continues to prioritize their radical policy agenda over the economic, energy and national security needs of our country, and it is absolutely infuriating. West Virginians are under increasing stress as we continue to recover from a once in a generation pandemic, pay the bills amid record inflation, and face the largest land war in Europe since World War II. The Administration’s unrelenting campaign to advance a radical social and environmental agenda is only exacerbating these challenges. This ESG rule will weaken our energy, national and economic security while jeopardizing the hard-earned retirement savings of 150 million West Virginians and Americans. Despite a clear and bipartisan rejection of the rule from Congress, President Biden is choosing to put his Administration’s progressive agenda above the well-being of the American people.”

 

[Dont Taz Me Bro]

It's the religion of the left.

 

[Donald H]

Taking action to stop climate change 'is' in the best interests of Americans.

 

[SeaMajor7]

Taking action to stop climate change 'is' in the best interests of Americans.

That's what the Aztecs thought when they sacrificed people to appease the weather gods.

 

[Jim H - VA USA]

Taking action to stop climate change 'is' in the best interests of Americans.

Cool, go buy some SVB, or you're a hypocrite.

https://c212.net/c/link/?t=0&l=en&o=3624607-1&h=340981906&u=https%3A%2F%2Fwww.svb.com%2Fglobalassets%2Flibrary%2Fuploadedfiles%2Fsvb-environmental-social-governance-report-2022.pdf&a=2022+Environmental%2C+Social+and+Governance+(ESG)+Report

If you someday decide to think this out more fully, you will see that the ESG agenda simply ships jobs to China. So what happens is that you woke warriors put your own neighbors out of work, and then they can't afford to even buy stuff made in America anymore, and the cycle continues to the delight of President Xi and Biden.

 

[bripat9643]

As usual, he is putting the special interests of progressives and China ahead of the interests of hard working Americans.

By vetoing H.J.RES.30, he is putting a DOL rule above a law passed by both houses of congress.

Retirees will have considerably lower returns and less comfortable retirement finances for the sake of companies which give lip service to the Climate Agenda.

Here he is mumbling about what he just did.



He can barely speak, and his official video is overlaid with the text, "PRESIDENT BIDEN VETOES EXTREME MAGA LIMITATIONS ON RETIREMENT FUNDS."

Here is the bill he vetoed...

https://www.congress.gov/bill/118th-congress/house-joint-resolution/30/text

And here is the DOL rule which will continue in force...

Federal Register :: Request Access

www.federalregister.gov

It allows funds to put other goals - "environmental justice", social, or governance - ahead of the financial interests of the funds' investors.

The facts are, ESG funds perform very poorly.

An Inconvenient Truth About ESG Investing

Investing in sustainable funds that prioritize ESG goals is supposed to help improve the environmental and social sustainability of business practices. Unfortunately, close analysis suggests that it’s not only not making much difference to companies’ actual ESG performance, it may actually be...

hbr.org

Biden could not care less about the well-being of Americans. He's raiding their retirement savings for a vapid progressive agenda.

Take it from Joe Manchin...

Manchin Statement on President Biden's Veto of Bipartisan Challenge to ESG Rule Politicizing Americans' 401KS | U.S. Senator Joe Manchin of West Virginia

The Official U.S. Senate website of Senator Joe Manchin of West Virginia

www.manchin.senate.gov

“This Administration continues to prioritize their radical policy agenda over the economic, energy and national security needs of our country, and it is absolutely infuriating. West Virginians are under increasing stress as we continue to recover from a once in a generation pandemic, pay the bills amid record inflation, and face the largest land war in Europe since World War II. The Administration’s unrelenting campaign to advance a radical social and environmental agenda is only exacerbating these challenges. This ESG rule will weaken our energy, national and economic security while jeopardizing the hard-earned retirement savings of 150 million West Virginians and Americans. Despite a clear and bipartisan rejection of the rule from Congress, President Biden is choosing to put his Administration’s progressive agenda above the well-being of the American people.”

Biden is the one putting retirement savings at risk

 

[bripat9643]

Taking action to stop climate change 'is' in the best interests of Americans.

Climate Change is a fiction.

 

[Jim H - VA USA]

That's what the Aztecs thought when they sacrificed people to appease the weather gods.

 

[JGalt]

So basically the left want to be able to invest people's retirement funds into companies like Solyndra, Abound Solar, Beacon Power, A123 Systems, AES Eastern Energy. Amonix, Azure Dynamics, Babcock and Brown, Energy Conversion Devices, Ener1, Evergreen Solar, Konarka Technologies, Addition Range Fuels, Raser Technologies, SpectraWatt, Stirling Energy Systems, and ten other companies that went bankrupt and ran off with the money?

Is this what I'm seeing?

Obama already fleeced the taxpayers out of over $20 billion dollars and now his protege is trying to upstage him?

 

[JGalt]

Climate Change is a fiction.

Actually it's a "mental illness." Just like gender dysphoria.

 

[Dont Taz Me Bro]

Taking action to stop climate change 'is' in the best interests of Americans.

Fucking with people's retirements over fanaticism isn't

 

[bripat9643]

So basically the left want to be able to invest people's retirement funds into companies like Solyndra, Abound Solar, Beacon Power, A123 Systems, AES Eastern Energy. Amonix, Azure Dynamics, Babcock and Brown, Energy Conversion Devices, Ener1, Evergreen Solar, Konarka Technologies, Addition Range Fuels, Raser Technologies, SpectraWatt, Stirling Energy Systems, and ten other companies that went bankrupt and ran off with the money?

Is this what I'm seeing?

Obama already fleeced the taxpayers out of over $20 billion dollars and now his protege is trying to upstage him?

Biden fleeced the taxpayers out of about $10 trillion.

 

[JGalt]

Biden fleeced the taxpayers out of about $10 trillion.

Well how racist of him to upstage a black president like that.

 

[JGalt]

Taking action to stop climate change 'is' in the best interests of Americans.

Here's some "action" you can take to decrease your own carbon footprint: Kill yourself.

Do it to stop climate change.

 

[Grumblenuts]

It allows funds to put other goals - "environmental justice", social, or governance - ahead of the financial interests of the funds' investors.

or pants on fire

This topic serves as a prime example of how so called "conservatives," both Democrat and Republican, remain bound and determined to accomplish absolutely nothing but kowtow to our billionaire owners. Biden's veto clearly accomplishes nothing as well, but at least it makes a symbolic gesture towards us caring about things other than profit.

The CBO's terse analysis says it all, while the Federal Register reveals the incredible wasteland of published garbage accumulated regarding this nothing burger deluxe boondoggle.

 

[Jim H - VA USA]

or pants on fire

In the OP, I included five links which support my premise.

There is more than one that is very responsive to your ridiculous request.

Move along, troll.

 

[Grumblenuts]

In the OP, I included five links which support my premise.

I checked them all and found zero support for your "premise" which I take as affirmation that what I quoted you asserting was not only your premise, but your entire circularly argued agenda here. Trouble being your supply of zero actual quotes from said "five links" corresponding to said premise.

So now that you've asserted your belief that your previous links do support your premise, all you need do is quote where they do. Simple and logical.. In fact, the exact opposite of trolling. To the contrary, holding folks accountable for their assertions is key to productive discussion.

 

[Jim H - VA USA]

I checked them all and found zero support for your "premise" which I take as affirmation that what I quoted you asserting was not only your premise, but your entire circularly argued agenda here. Trouble being your supply of zero actual quotes from said "five links" corresponding to said premise.

So now that you've asserted your belief that your previous links do support your premise, all you need do is quote where they do. Simple and logical.. In fact, the exact opposite of trolling. To the contrary, holding folks accountable for their assertions is key to productive discussion.

Grumblenuts, you asked for a link. I had already included five in the OP which address the topic in full.

• It included a link to Biden's official statement.
• It included a link to the actual bill he vetoed.
• It included a link to the full text of the DOL rule.
• It included a link to data which showed the ESG initiatives don't actually benefit the environment or shareholders.
• It included a statement by Manchin which states that Biden's veto puts the Progressive agenda above the interests of Americans.

Thus, asking for a link was a little ridiculous on your part. My OP included comprehensive links to the relevant information.

You provided an irrelevant CBO link which is an estimated cost to the US Treasury. It has nothing to do with the performance of the retirement plans which American workers depend upon.

The DOL rule says it all Grumblenuts. Reitrement plans used to have to put the financial interests of the shareholders first. Biden has taken that away, and the retirement plans are free to invest in poorly-performing funds with environmental and social agendas, because Biden has declared it for "the greater good."

The final rule removes the terms "pecuniary" and "non-pecuniary" and allows funds to include Climate Change nonsense in their investment decisions. It removes fully the stricter requirements for QDIAs (Qualified Default Investment Alternatives). And so on.

It allows retirement funds to waste people's money on the Climate Boogieman. While the climate does change over centuries or millennia (the last ice age ended about 12,000 years ago), it's not going to have a meaningful impact on any investments in anyone's lifetime. The new rule is nothing more than a waste of people's money to push the Biden Progressive Agenda.

Regards,
Jim

 

[scruffy]

Taking action to stop climate change 'is' in the best interests of Americans.

No. It isn't.

Climate change is science, not politics.

And when will the leftard lemmings learn, politicians don't know jack shit about science.

 

[Grumblenuts]

Grumblenuts, you asked for a link.

Indeed I did. Stupidly lending you the benefit of doubt to understand that meant a link to something actually supporting the quoted assertions of fact that you had made,.. which I quoted -- because, well, I may be stupid, but not so stupid as to allow you to weasel out of this so easily.

I had already included five in the OP which address the topic in full.

• It included a link to Biden's official statement.
• It included a link to the actual bill he vetoed.
• It included a link to the full text of the DOL rule.
• It included a link to data which showed the ESG initiatives don't actually benefit the environment or shareholders.
• It included a statement by Manchin which states that Biden's veto puts the Progressive agenda above the interests of Americans.

No kidding. Does not address your ongoing lack of material explicitly "supporting" your assertions as quoted. Will you ever supply any or should I just go on presuming there is none and never really was?

Thus, asking for a link was a little ridiculous on your part. My OP included comprehensive links to the relevant information.

You provided an irrelevant CBO link which is an estimated cost to the US Treasury. It has nothing to do with the performance of the retirement plans which American workers depend upon.

The DOL rule says it all Grumblenuts. Reitrement plans used to have to put the financial interests of the shareholders first. Biden has taken that away, and the retirement plans are free to invest in poorly-performing funds with environmental and social agendas, because Biden has declared it for "the greater good."

The final rule removes the terms "pecuniary" and "non-pecuniary" and allows funds to include Climate Change nonsense in their investment decisions. It removes fully the stricter requirements for QDIAs (Qualified Default Investment Alternatives). And so on.

It allows retirement funds to waste people's money on the Climate Boogieman. While the climate does change over centuries or millennia (the last ice age ended about 12,000 years ago), it's not going to have a meaningful impact on any investments in anyone's lifetime. The new rule is nothing more than a waste of people's money to push the Biden Progressive Agenda.

Okay, so you continue providing no quotes supporting this assertion:

It allows funds to put other goals - "environmental justice", social, or governance - ahead of the financial interests of the funds' investors.

And have now added some more such assertions.. equally lacking any verifying quotes.