Kiss your 401K’s and any pension or retirement account goodbye.
Check out this Article from AmericanThinker
By Elizabeth Chryst
At the beginning of March of 2023, your Congress, the U.S. House & the U.S. Senate, both passed legislation that makes null and void the Biden administration’s mandate that investment companies, nationwide, consider ESG standards when evaluating investments for their clients. This legislation is heading to the White House where President Biden has vowed to veto it. The veto, if not overridden by both houses of Congress, would allow the ESG mandate imposed by the U.S. Department of Labor to remain in place.
What the heck is ESG? In short, it stands for environmental, social and governance. So, the new Labor Department rule (not a law passed by Congress) tells investment companies that they should look at a company’s ESG behaviors to screen for their potential investments. OK I get it now. This is why we have seen our nation seem to move at lightning speed towards “woke” policies. This is why we now see almost every TV commercial make some social or environmentally friendly statement, notwithstanding the product line. ESGs are important now to the investment world so — says the federal government. Investment companies use ESGs, which are non-financial factors, in investment decisions. This means they are factoring in social accountability. Companies now need to have a desirable ESG rating in order to be considered investment worthy. Never mind their financial status or product or financial reliability.