{"id":1749498,"date":"2022-11-23T12:32:47","date_gmt":"2022-11-23T17:32:47","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1749498"},"modified":"2022-11-23T12:32:49","modified_gmt":"2022-11-23T17:32:49","slug":"trump-barred-retirement-plans-from-mixing-wokeness-with-profits-biden-is-reversing-that-rule","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trump-barred-retirement-plans-from-mixing-wokeness-with-profits-biden-is-reversing-that-rule\/","title":{"rendered":"Trump Barred Retirement Plans From Mixing Wokeness With Profits; Biden Is Reversing That Rule"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftrump-barred-retirement-plans-from-mixing-wokeness-with-profits-biden-is-reversing-that-rule%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1749498&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>President <a href=\"http:\/\/dailywire.com\/topic\/biden-administration\" target=\"_blank\" rel=\"noopener\">Joe Biden<\/a>\u2019s Department of Labor introduced measures to reverse a ban on environmental, social, and governance investing, also known as <a href=\"https:\/\/www.dailywire.com\/topic\/esg\" target=\"_blank\" rel=\"noopener\">ESG<\/a>, among fiduciaries managing retirement funds, a rule that former President Donald Trump established during his final days in office.<\/p>\n<p>The agency published a <a href=\"https:\/\/www.dol.gov\/agencies\/ebsa\/about-ebsa\/our-activities\/resource-center\/fact-sheets\/final-rule-on-prudence-and-loyalty-in-selecting-plan-investments-and-exercising-shareholder-rights\" target=\"_blank\" rel=\"noopener\">final rule<\/a> on Tuesday that reflected the Biden administration\u2019s directive to safeguard the economy from \u201cclimate-related financial risk that may threaten the life savings and pensions of America\u2019s workers and families.\u201d Under the new rule, fiduciaries are permitted to weigh \u201cthe economic effects of climate change and other ESG considerations\u201d as long as such concerns are relevant to a risk-and-return analysis.<\/p>\n<p>Employee Benefits Security Administration Acting Assistant Secretary Ali Khawar <a href=\"https:\/\/www.dol.gov\/newsroom\/releases\/ebsa\/ebsa20211013\" target=\"_blank\" rel=\"noopener\">said<\/a> last year that the measure, which had been undergoing a public comment period, would \u201cbolster the resilience of workers\u2019 retirement savings and pensions by removing the artificial impediments \u2026 caused by the prior administration\u2019s rules.\u201d She added that \u201cclimate change and other ESG factors can be financially material and when they are, considering them will inevitably lead to better long-term risk-adjusted returns, protecting the retirement savings of America\u2019s workers.\u201d<\/p>\n<p>Critics of the ESG movement argue that the investment philosophy mingles political and social causes in a manner that fails to maximize shareholder returns. The former <a href=\"https:\/\/www.dol.gov\/newsroom\/releases\/ebsa\/ebsa20201030\" target=\"_blank\" rel=\"noopener\">rule<\/a> created by the Trump administration prevented \u201cfiduciaries from selecting investments based on non-pecuniary considerations\u201d and required them to \u201cbase investment decisions on financial factors\u201d alone.<\/p>\n<p>West Virginia State Treasurer Riley Moore remarked during an interview with The Daily Wire that allowing proponents of the ESG movement access to retirement funds exposes Americans to significant downside risk. \u201cThis is certainly reckless, because they are playing with other people\u2019s retirement money,\u201d he said. \u201cWhen you put these ESG investment strategies in place, you become less diverse in your investments.\u201d<\/p>\n<p>Moore noted that ESG investments have <a href=\"https:\/\/www.dailywire.com\/news\/virtue-signaling-isnt-free-how-woke-investing-fell-apart-once-the-economy-got-bad\" target=\"_blank\" rel=\"noopener\">suffered<\/a> over the past year as technology stocks languish and the energy sector witnesses outsized profitability. Harvard Management Company, which manages the elite university\u2019s endowment, <a href=\"https:\/\/www.dailywire.com\/news\/harvard-university-endowment-loses-2-3-billion\" target=\"_blank\" rel=\"noopener\">admitted<\/a> last month that a recent $2.3 billion loss was attributable to fossil fuel divestment efforts, even though the organization remains \u201cproud to be deeply engaged in the issue of sustainability.\u201d<\/p>\n<p>\u201cIt\u2019s almost along the lines of a religious fervor, where they\u2019re willing to take a loss to further their political ideology,\u201d Moore commented. \u201cThey need to be maximizing returns for their beneficiaries so they can feel safe in retirement.\u201d<\/p>\n<p>West Virginia ranked among the top six states for energy production as of 2019, according to <a href=\"https:\/\/www.eia.gov\/todayinenergy\/detail.php?id=49356\" target=\"_blank\" rel=\"noopener\">data<\/a> from the Energy Information Administration. Moore characterized pushes from ratings agencies to downgrade energy-producing states as \u201ccoercive capitalism,\u201d observing that his state\u2019s finances have \u201cnever been better\u201d despite the presence of a robust fossil fuel sector. Meanwhile, the broader American economy will suffer as investment dollars fail to reach critical oil and natural gas ventures in energy-rich states.<\/p>\n<p>Moore, who recently announced his candidacy for Congress, said that lawmakers could prohibit ratings agencies from \u201cpushing their worldview\u201d on the marketplace and examine asset management companies\u2019 use of <a href=\"https:\/\/www.dailywire.com\/news\/blackrock-makes-major-change-after-backlash-against-woke-investing\" target=\"_blank\" rel=\"noopener\">proxy voting<\/a> to advance the ESG movement. \u201cThere is a tremendous amount that can be done at the federal level to fill in the cracks where the states are limited in their capacity, while at the same time respecting federalism,\u201d he added.<\/p>\n<p>Americans would prefer that their investment dollars remain politically neutral, a recent survey found. An <a href=\"https:\/\/www.dailywire.com\/news\/poll-by-two-to-one-margin-investors-reject-woke-companies-pushing-political-causes\" target=\"_blank\" rel=\"noopener\">exclusive poll<\/a> from The Daily Wire showed that 64% of respondents believe \u201cindividual investors whose savings are being invested\u201d should ultimately decide whether retirement and pension funds are allocated according to ESG standards, while a mere 20% believe that \u201cWall Street asset managers\u201d should make such decisions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden\u2019s Department of Labor introduced measures to reverse a ban on environmental, social, and governance investing, also known as ESG, among fiduciaries managing retirement funds, a rule that former President Donald Trump established during his final days in office. The agency published a final rule on Tuesday that reflected the Biden administration\u2019s directive &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1550547,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1749498","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1749498","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1749498"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1749498\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1550547"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1749498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1749498"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1749498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}