An alert for readers with 401(k) account, from Jeff Mordock at The Washington Times:
Biden Blasted For Weaponizing Corporations In
‘Woke Capitalism’ Retirement Ploy
The Biden administration has quietly finalized a rule allowing employers to funnel workers’ 401(k) funds into investments that support woke causes that address issues such as climate change and diversity.
The Labor Department recently
approved the rule affecting roughly 150 million workers and $10 trillion in
assets covered under the Employee Retirement Income Security Act of 1974.
The rule says asset managers and
retirement plan administrators should consider environmental, social and
corporate governance (ESG) factors when selecting investments. . . .
The full article is behind a paywall, so here’s the rest of it from JD Rucker’s transcript via NOQ:
. . . That would encourage money managers to balance financial returns with investments that support wind and solar energy or have diverse boards of directors.
The rules also remove a
restriction blocking employers from using an ESG fund as a default option for
workers automatically enrolled in 401(k) plans. That means workers could
be supporting causes that don’t align with their political views.
It also rescinds Trump-era regulations
that require retirement plan administrators and asset managers to choose
investments based solely on participants’ financial interests.
This is just another reason why I
STRONGLY recommend everyone of all ages move their wealth or retirement into
a self-directed IRA.
Don’t let advisors and retirement companies quietly compel you to lose money on
woke investments even as they make more money thanks to the Biden-Harris
regime’s priorities.
Heads up.
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