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Not so long ago, Joe Biden created the Environmental, Social, and Governance (ESG) rule.
This was done to pacify environmentalists and social justice warriors.
However, it could significantly impact retirement accounts of more than 150 million Americans.
Not So Fast, Joe
The “other” Joe in our government, Senator Joe Manchin (D-W.V.), is telling Biden to hold his horses.
He is joining Republican-led legislation to stop the rule from going into effect.
Senator Mike Braun (R-IN) is leading that charge, stating, “President Biden is jeopardizing retirement savings for millions of Americans for a political agenda.”
“In a time when Americans’ 401(k)s have already taken such a hit due to market downturns and record high inflation, the last thing we should do is encourage fiduciaries to make decisions with a lower rate of return for purely ideological reasons.
“That’s why we are proud to stand up against this rule for the millions of Americans who depend on these funds for their retirement.”
Senator Manchin added, “At a time when our country is already facing economic uncertainty, record inflation and increasing energy costs, it is irresponsible of the Biden Administration to jeopardize retirement savings for more than 150 million Americans for purely political purposes.
“I’m proud to join this bipartisan resolution to prevent the proposed ESG rule from endangering retirement incomes and protect the hard-earned savings of American families.
“I encourage my colleagues on both sides of the aisle to support this important resolution to ensure Congress is promoting economic security for West Virginians and Americans, not further exacerbating the serious economic challenges they are already facing.”
The rule is also being challenged in court by Utah Attorney General Sean Reyes.
If this bill gets past the Senate, it is expected to pass the House, and would then go to Joe Biden’s desk where he would be forced to veto it.
Source: Fox News
