Kevin McCarthy Signs Bill Killing Biden’s ESG Rule For Retirement Plan Investments

Will the fraudulent ruler Biden veto?

Kevin McCarthy Signs Bill Killing Biden’s ESG Rule For Retirement Plan Investments

By: Victoria Marshall, The Federalist, March 09, 2023:

“President Biden is prioritizing politics over his own people,” House Speaker Kevin McCarthy said at a signing ceremony for a bill that would nullify a Department of Labor rule that allowed retirement plan investment managers to prioritize environmental or social factors (ESG) over financial benefits when making investment decisions should it pass into law.

Happening now: I'm about to sign the first bipartisan bill of the year, then send it to the president's desk. It blocks Biden's woke ESG agenda and puts workers over Wall Street. https://t.co/cXauyBoTrv

— Kevin McCarthy (@SpeakerMcCarthy) March 9, 2023

The rule in question, established in December 2022, undid a prior Trump-era protection that required fiduciaries to evaluate investments based solely on whether they enhance retirement savings. But now, investment plan fiduciaries can place retirement savings into ESG investments without the consent of employees. Even as ESG funds significantly underperform, expose investors to more risk, and charge higher fees than traditional investment funds, which can reduce participants’ retirement savings over time.

“Hardworking Americans don’t need a regulation from Washington that steers them into higher fee, lower performing, less diversified funds, and that’s what these so-called ESG funds are,” Rep. Andy Barr (R-KY), who brought the bill to Congress, said. “Where people who are invested in ESG — unwittingly and without their consent in many cases — they suffer losses far greater than the average investor who is broadly and diversely invested across the board. And it’s true: these funds carry 43 percent higher fees which also eat their returns.”

House Majority Whip Steve Scalise (R-LA) was also present at the signing.

“[American taxpayers] deserve to have the highest rate of return so that they can enjoy retirement to the fullest,” Scalise said. “And so President Biden’s got a choice. When Speaker McCarthy signs this bill and sends it over to The White House, President Biden’s got a choice. He’s gonna have to pick between billionaire elites and hardworking taxpayers who just want to have the best retirement possible after decades of working and paying into the system.”

House Joint Resolution 30 is the first bill to pass both the House and the Senate for the 118th Congress. The bill will now go to President Biden’s desk for approval, where it will likely be vetoed. The bill is part of Speaker McCarthy’s Commitment to America, a policy agenda for House Republicans that’s focused on a strong economy, a safe nation, and a transparent government.

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From a Remote Location

1 year ago

When will McCarthy overrule the Mafia-style thug Schmuck Schumer on the J6 footage viz Fox News’ airing what actually was on Tucker Carlson’s show, is what I’m interested in? I know GOP’ers are blowing smoke and mirrors on hauling DreckTV and its parent ATNT (spellings deliberate) to committees over their removal of One America News and Newsmax, but Schumer’s threats are just as insidious to free speech and freedom of expression.

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TomSJr

1 year ago

Reply to  From a Remote Location

I subscribe to OANN monthly via ROKU and Newsmax is already free there. But, if you don’t use ROKU, guess it doesn’t matter.

We dropped all satellite and cable TV. Their prices are simply RIDICULOUS. You can get EVERYTHING via streaming via ROKU, so consider that YOU WON’T GET ANY COMMERCIALS, CHANNELS YOU DON’T NEED OR WATCH, ETC..

We subscribe to HULU, PARAMOUNT+, OANN, AND A FEW OTHERS. All shows on primetime will be avail the next day on Hulu and Paramount. Other channels like TNT, TBS, USA, ETC. aren’t that good anyway, but you can still get them via a streaming channel ROKU has.

WE SAVED OVER HALF OUR MONTHLY BILL BY STREAMING AND NO COMMERCIALS!!!!

0

Harry Grimes

1 year ago

Two Nuremberg physicists proves about ten years ago that it’s impossible to measure the amount of canon dioxide in the atmosphere. Furthermore, for anyone who knows rudimentary physics, carbon dioxide is food for plants, hence, the more carbon dioxide in the atmosphere, the acceleration of plant growth occurs with more oxygen produced which we need to live.

We are being peddled the same science that Dr. FauXi espouses: Radical Marxist fabrications to accelerate the destruction of the West.

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Snowedin

1 year ago

This is good. Th only things that CCP owned bidet bills will accomplish is the destruction of the US and the American Citizens.

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TomSJr

1 year ago

I THINK I HAVE CHANGED MY MIND ABOUT MCCARTHY…..for now.

Last edited 1 year ago by TomSJr

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