Attorneys general and treasurers from 24 states urged the Biden administration to drop a proposed regulation that would require retirement investment managers to prioritize climate change concerns while managing American employees’ retirement portfolios.
The Department of Labor’s Employee Benefits Security Administration submitted a rule that “would irrationally require fiduciaries to elevate immaterial and speculative risks in employee retirement savings investment decisions,” the state leaders wrote in the letter, first provided to FOX Business. [bold, links added]
“Instead, fiduciaries must be held to their duties of prudence and loyalty by considering only the material financial or pecuniary factors of each potential investment.”
The letter notes that the Employee Retirement Income Security Act’s (ERISA) rules bar fiduciaries – entities entrusted with employee retirement funds – from subordinating “the interests of retirement plan participants and beneficiaries to unrelated or other objectives.”
The DOL’s proposed rule implements an executive order President Biden signed on May 20, 2021, which directed the DOL to consider ERISA rules that would “protect the life savings and pensions of United States workers and families from the threats of climate-related financial risk.”
While current rules allow fiduciaries to consider climate-related risk, the proposed rule “irrationally singles out climate-related risk for special treatment,” the letter claims.
For instance, the rule suggests the use of Form 5500 to require a benefit plan to report annually “how plan investment policy statements specifically address climate-related financial risk, whether service providers disclose or meet metrics related to such financial risks, and whether and how plans have factored climate-related financial risk into their analysis of individual investments or investment courses of action.”
“Singling-out climate-related risk is unjustifiable,” the letter states. “Climate-related eventualities do not pose a greater risk than, for example, technological disruption, economic downturns, domestic political changes, foreign conflicts, civic unrest, changing consumer tastes, non-climatic natural disasters, and public health crises such as the one ravaging the globe today.”
The letter cites the disruption from Russia’s invasion of Ukraine.
The letter claims that the rule prioritizes “speculative and immaterial risks.”
“Predictions about the physical risks of climate change vary wildly, ranging from increasing numbers of hurricanes and wildfires to destruction from climate-driven great-power conflict or even more speculative claims,” the letter argues, claiming that “predictive climate science is in its infancy.”
Rather than protecting investors, this rule would make them vulnerable to politically-motivated risks to their retirement funds, the letter warns.
Read rest at Fox Business
Biden will do anything his handlers tell him to, even if it means screw people out of the best investments for their retirement. Just think of that solar panel crap that Barak O. had America invest in. Let the investment experts advise people what to invest in and keep your green nose out of it Joe !!
Biden is a Globalists him and his Partners in Crime(CFR,China,Russia,UN,DNC,Globalists Etc)and the Global Government under the UN