Don’t let Biden & Co. force YOUR stash to invest in wake-up companies.

President Joe Biden is coming for your savings. In fact: Biden’s new Labor Department rule aims to funnel the pension funds of 152 million Americans to companies with climate change policies and other “environmental, social and governance” goals.

Fingers crossed that state attorneys general, if not Congress, can stop him.

Under the Biden rule, fund managers will no longer be limited to investing employee assets “for the sole benefit of participants and beneficiaries,” as required by law. Instead, they could also “consider climate change and other environmental, social and governance factors in their investment choices and the exercise of shareholder rights”—implicitly, even if this does not maximize profits for workers.

Climate change and social justice campaigners have been pushing companies to adopt ESG practices and major shareholders to invest in them since the Obama era. But President Donald Trump has banned pension fund managers from using cash workers for such political purposes. Biden’s new rule will reverse that.

At a time “when US 401(k)s have already been hit so hard by market downturns and record high inflation, the last thing we should do is encourage fiduciaries to make lower rate of return decisions for purely ideological reasons,” warns Senator Mike Brown (R-Ind.), who is pushing the resolution to block the rule.

“It is irresponsible for the Biden administration to jeopardize the retirement savings of more than 150 million Americans for purely political purposes,” outraged Senator Joe Manchin (DW.Va.).

The problem is that Manchin is the only Democratic senator so far to join the 49 Republicans supporting the bill, so he may well fall short of the 51 votes needed to pass.

That leaves a group of 25 GOP state attorneys general who have sued to keep the change from going into effect. Their lawsuit says the rule “contradicts” the “clear indication of the law that fiduciaries act with the sole motive of advancing the financial interests of plan participants and their beneficiaries.”

AG is absolutely right. If the awakened people want to invest their own money for political purposes, and not try to maximize profits, that’s their business. But Biden has no right to do this with your money. He needs to be stopped.

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