How Biden is trying to politicize your 401k

[Bucky]

The Senate on Wednesday voted to overturn a Labor Department rule that permits fiduciary retirement fund managers to consider climate change, good corporate governance and other factors when making investments on behalf of pension plan participants.

The final vote in the Senate was 50-46, with two Democratic senators crossing party lines to support the repeal bill: Sen. Joe Manchin of West Virginia and Sen. Jon Tester of Montana. Both are up for reelection next year in conservative-leaning states.

President Joe Biden said Monday that he will veto the Senate bill if it comes to his desk — the first veto of his presidency.

Senate overturns federal rule on ESG investments, Biden vows to veto

President Joe Biden has said he plans to issue the first veto of his presidency.

www.cnbc.com

The entire ESG movement is a fraud. Consider the leading company in the S&P 500 ESG Index (SPXESUP) is.... Exxon, yet Tesla an EV company gets dropped from the index

In no way should fund managers consider social issues and governance in regard to investing. That is just stupid.

 

[mrjurrs]

Senate overturns federal rule on ESG investments, Biden vows to veto

President Joe Biden has said he plans to issue the first veto of his presidency.

www.cnbc.com

The entire ESG movement is a fraud. Consider the leading company in the S&P 500 ESG Index (SPXESUP) is.... Exxon, yet Tesla an EV company gets dropped from the index

In no way should fund managers consider social issues and governance in regard to investing. That is just stupid.

Lord Brandon does what the people want. Take it and like it...

I suppose you want to keep fund managers where they are...paying 15% income tax and not acting as fiduciaries in presenting investment opportunities.

 

[Grand Mal]

Senate overturns federal rule on ESG investments, Biden vows to veto

President Joe Biden has said he plans to issue the first veto of his presidency.

www.cnbc.com

The entire ESG movement is a fraud. Consider the leading company in the S&P 500 ESG Index (SPXESUP) is.... Exxon, yet Tesla an EV company gets dropped from the index

In no way should fund managers consider social issues and governance in regard to investing. That is just stupid.

Yeah, well fund managers don't do anything that won't earn. If there's people out there with fistsful of bucks who want what they call ethically sourced somebody will accommodate them. That's free market capitalism at work.
'Just stupid' investment plans are everywhere you look. And someone is earning from every one of them. Money knows no borders so shutting American money managers out of that market will just be a "Hey, thanks!" moment for offshore investment firms.

 

[Grand Mal]

Lord Brandon does what the people want. Take it and like it...

Go ahead, shut the American investment funds out of that market. Bonus day for offshore accounts.

I suppose you want to keep fund managers where they are...paying 15% income tax and not acting as fiduciaries in presenting investment opportunities.

 

[mrjurrs]

Go ahead, shut the American investment funds out of that market. Bonus day for offshore accounts.

That's a giant leap.

 

[dmpi]

A company should decide for itself if it wants to align with ESG principles. Then let investors choose to invest in ESG companies or not. You don't need goverment involved with this.

 

[reflechissez]

Senate overturns federal rule on ESG investments, Biden vows to veto

President Joe Biden has said he plans to issue the first veto of his presidency.

www.cnbc.com

The entire ESG movement is a fraud. Consider the leading company in the S&P 500 ESG Index (SPXESUP) is.... Exxon, yet Tesla an EV company gets dropped from the index

In no way should fund managers consider social issues and governance in regard to investing. That is just stupid.

Labor Department rule that permits fiduciary retirement fund managers to consider climate change, good corporate governance and other factors when making investments on behalf of pension plan participants. You're upset about this?

And what does this have to do with the S&P index? It "belongs" to Standard and Poor's; they can do what they want. You're just fluffing for Elmo again.

 

[Gateman_Wen]

Senate overturns federal rule on ESG investments, Biden vows to veto

President Joe Biden has said he plans to issue the first veto of his presidency.

www.cnbc.com

The entire ESG movement is a fraud. Consider the leading company in the S&P 500 ESG Index (SPXESUP) is.... Exxon, yet Tesla an EV company gets dropped from the index

In no way should fund managers consider social issues and governance in regard to investing. That is just stupid.

The key word here is "permits".

Look it up.

 

[Nickyjo]

The key word here is "permits".

Look it up.

And it seems, “consider.”

 

[Hamish Howl]

Senate overturns federal rule on ESG investments, Biden vows to veto

President Joe Biden has said he plans to issue the first veto of his presidency.

www.cnbc.com

The entire ESG movement is a fraud. Consider the leading company in the S&P 500 ESG Index (SPXESUP) is.... Exxon, yet Tesla an EV company gets dropped from the index

In no way should fund managers consider social issues and governance in regard to investing. That is just stupid.

Has Tesla tried not having its stock price fall through the floor?

 

[Hamish Howl]

Yeah, well fund managers don't do anything that won't earn. If there's people out there with fistsful of bucks who want what they call ethically sourced somebody will accommodate them. That's free market capitalism at work.
'Just stupid' investment plans are everywhere you look. And someone is earning from every one of them. Money knows no borders so shutting American money managers out of that market will just be a "Hey, thanks!" moment for offshore investment firms.

If you want some hilarity, google "ethically-sourced palm oil".

 

[Roadvirus]

Senate overturns federal rule on ESG investments, Biden vows to veto

President Joe Biden has said he plans to issue the first veto of his presidency.

www.cnbc.com

The entire ESG movement is a fraud. Consider the leading company in the S&P 500 ESG Index (SPXESUP) is.... Exxon, yet Tesla an EV company gets dropped from the index

In no way should fund managers consider social issues and governance in regard to investing. That is just stupid.

401Ks should be off limits to sociopolitical nonsense.

Next thing you know, Joey will want to try to TAX 401Ks

 

[Roadvirus]

Cryin' Chuck Schumer has no problem taking ESG Lovers' money:

Pro-ESG Chuck Schumer was top recipient of BlackRock donations in 2022

Senate Majority Leader Chuck Schumer, D-N.Y., was the top recipient of political donations from BlackRock, a leading investment firm advocating for environmental, social and governance investing.

www.foxbusiness.com

Sen. Charles E Schumer - New York

Fundraising profile for Sen. Charles E Schumer - New York

www.opensecrets.org

The $103K the Fox News article sites is in the opensecrets link i posted. It's #18 on the list.

 

[Kushinator]

Next thing you know, Joey will want to try to TAX 401Ks

401k's are taxed

It's like you folks make shit up on the fly out of sheer lack of knowledge.

 

[Greenbeard]

A company should decide for itself if it wants to align with ESG principles. Then let investors choose to invest in ESG companies or not. You don't need goverment involved with this.

That's what the rule the GOP is trying to overturn permits.

 

[Roadvirus]

401k's are taxed

It's like you folks make shit up on the fly out of sheer lack of knowledge.

Uh..no they aren't taxed. Only when money from them are withdrawn does the tax man strike.

 

[multivita-man]

Senate overturns federal rule on ESG investments, Biden vows to veto

President Joe Biden has said he plans to issue the first veto of his presidency.

www.cnbc.com

The entire ESG movement is a fraud. Consider the leading company in the S&P 500 ESG Index (SPXESUP) is.... Exxon,

Speaking purely from a cold-hearted investor's perspective, I have mixed feelings about ESG. The climate activist in me likes the idea, but I would only fund/tout an ESG with proven investment returns that keep pace, and preferably, outperform other funds.

With that being said, I think you're kind of overreacting.

yet Tesla an EV company gets dropped from the index

Looks to me like the fund is actually doing the opposite of what you're frothing about: they're keeping a highly profitable FF stock and they're dumping an EV stock that is suffering from piss poor leadership. As an aside, Elon twitter's so badly ****ed up right now they literally coded themselves out of their own API and blocked links on their own site for the better part of an hour today -- and you think this guy's a stable genius? lololol I think the fund is right to call Tesla for what it is: BitCar.

 

[Visbek]

The entire ESG movement is a fraud. Consider the leading company in the S&P 500 ESG Index (SPXESUP) is.... Exxon, yet Tesla an EV company gets dropped from the index

In no way should fund managers consider social issues and governance in regard to investing. That is just stupid.

So, let's get this straight.

Investment firms, wholly of their own accord, currently have the ability to consider environmental and social factors in their 401(k) fund management decisions.

Senate Republicans, and a few Democrats, passed a rule to interfere and restrict with the way those private-sector companies manage 401(k).

But it's Biden who is politicizing your retirement.

Meanwhile... There is no question that fund managers should consider those factors.

And no, just because the S&P does a shit job of setting up an ESG fund, that doesn't mean that an entire classification of investment strategies are wrong. Yeesh.

 

[ttwtt78640]

Senate overturns federal rule on ESG investments, Biden vows to veto

President Joe Biden has said he plans to issue the first veto of his presidency.

www.cnbc.com

The entire ESG movement is a fraud. Consider the leading company in the S&P 500 ESG Index (SPXESUP) is.... Exxon, yet Tesla an EV company gets dropped from the index

In no way should fund managers consider social issues and governance in regard to investing. That is just stupid.

Not only is it stupid, the taxpayers are on the hook to keep federally guaranteed pension funds solvent.

Does the federal government insure pension benefits?

What Is the Pension Benefit Guaranty Corporation (PBGC)?

The Pension Benefit Guaranty Corporation is a federal agency that protects the pension plans of many workers in the private sector.

www.investopedia.com

 

[Kushinator]

Uh..no they aren't taxed. Only when money from them are withdrawn does the tax man strike.

That is taxing 401k's. Come on.....