Consumer Group Launches Anti-ESG Billboard Campaign in DC in Anticipation of Biden Veto
Consumers Research, a non profit organization that is focused on consumer education has launched a mobile campaign to oppose the adoption ESG frameworks for retirement investment funds.
The campaign’s mobile billboards will run throughout Washington D.C. as President Joe Biden plans to maintain rules that allow retirement managers ESG scores to be considered when choosing retirement investments.
Trump’s administration brought forth rules that restricted retirement plan fiduciaries’ ability to use ESG factors when making investment decisions. In November, the Department of Labor, under Biden, repealed Trump-era rules. “unnecessarily restrained” retirement plan managers.
Opponents of Biden’s Labor Department decision claimed it allowed retirement funds and other assets to be politicized in order to support liberal priorities. A bill was introduced earlier this month to reverse the November Labor Department decision. It reimposed the Trump-era restrictions for ESG scores.
The bipartisan support of the ESG ruling by the Biden Labor Dept. was largely split across party lines. Sens. But Sens. Republicans joined Republicans to oppose the use of ESG scores for retirement plans. Republicans had enough votes to block the Labor Department’s ESG ruling.
Biden plans to veto Congress. This would put the Labor Department’s ESG ruling in effect. It would also allow retirement plan managers to reconsider ESG scores as part of their investment strategies.
Consumers Research will run an anti-ESG campaign billboard campaign in advance of Biden’s plan, to veto the Labor Department’s ESG rule.
“I applaud House leadership and the bipartisan efforts in the Senate that pushed this legislation to the finish line,” Will Hild, Consumers’ Research Executive Director said. “Unfortunately, President Biden is going to use his first veto to further the progressive agenda instead of putting the interest of the American people first.”
Consumers Research has supported the tenants of ESG. “environmental” ESG is opposed to the fossil fuels sector in a portion. Consumers Research also believes the “social” “governance” ESG has a portion that supports social causes, such as “racial equity” donating to groups that support these social causes, and allowing abortions.
“Allowing retirement plans to include ESG considerations undercuts the will of the American people by permitting ESG elites … to have unfettered control of the American people’s retirement dollars,” Hilda wrote. “President Biden clearly cares more about politics than people.”
Consumers’ Research and other ESG critics argue that the scoring system encourages businesses to support left-leaning political causes.
Manchin stated that the Labor Department’s ESG ruling will cause retirement plan managers not to focus on the best returns for investors but on liberal political outcomes. “without the expressed consent of the retiree.”
Billboard Campaign
The Consumers Research billboard campaign suggests other acronyms for ESG like “Erasing Savings and Growth,” “Enabling Slave Labor and Genocide” “Elitists, Socialists and Grifters.”
The campaign also names Larry Fink, Vanguard CEO Tim Buckley, and Larry O’Hanley, CEO of State Street as advocates for ESG-based investment.
NTD News reached Consumers’ Research to get more information about the billboard campaign, but was not able to receive a reply before this article was published.
Biden Admin Defends ESG
As the Trump-era restrictions on ESG-based investment for retirement plans were overturned by the Labor Department in November, Lisa M. Gomez, Assistant Secretary for Employee Benefits Security, announced the decision “will make workers’ retirement savings and pensions more resilient by removing needless barriers, and ending the chilling effect created by the prior administration.”
“Climate change and other environmental, social and governance factors can be useful for plan investors as they make decisions about how to best grow and protect the retirement savings of America’s workers,” Gomez added.
ESG opponents say the practice encourages businesses and causes to be left-leaning, but White House Press Secretary Karinejean-Pierre said that the Republican-led attempt to reverse the Labor Department’s ESG ruling amounts in forcing investors to adopt conservative ideologies.
“It forces MAGA Republicans’ ideology down the throats of the private sector and handcuffing investors, as well,” Jean-Pierre said.
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