Good news, Americans! President Biden is here to protect your pension funds from “MAGA extreme restrictions”!
Formerly known as rules requiring fund managers to seek the highest returns for your pension or other retirement savings.
Welcome to the new Newspeak, where the basic fiduciary duty somehow borders on fascism.
Biden’s Department of Labor recently issued a rule allowing fund managers to use so-called ESG metrics when investing your funds.
This allows them to prioritize the liberal agenda (like climate alarmism) over real returns.
For reference, eight of the top 10 ESG funds underperformed the S&P average last year; the other two basically matched it.
This move by the Department of Labor, that is, dilutes the decade-old rule that pension funds seek to maximize profits.
That’s why democratic The Senate passed a bill approved by the House of Representatives to block it.
However, Biden vetoed the bill on Monday, saying that No investing your money in wake-up companies “will jeopardize the retirement savings of people across the country.”
What’s more, his Twitter account blatantly lied, insisting that the bill would make it “illegal to consider risk factors that MAGA House Republicans don’t like.”
No: it only stopped them from ignoring realities that the left does not like.
His Biden and his allies are risking their resignations by investing in economically dubious but politically favorable ventures.
It was bad enough when he called his failed Afghan infiltrator a “success.” It now claims it will “protect your hard-earned savings” by licensing booty their.