The true colors of the Biden Administration have been revealed yet again as they have threatened to veto a resolution aimed at safeguarding Americans’ retirement savings from being invested in entities overly focused on ESG concerns. Senator John Barrasso, a Republican from Wyoming, wasted no time in criticizing the president’s disregard for the welfare of the American people, accusing Biden of prioritizing his climate change agenda over the American dream.
Republicans are committed to protecting American families’ retirement savings. Yesterday @JoeBiden said he is going to veto our efforts. Joe Biden is giving the middle finger to middle class Americans who are concerned about the returns on their retirement funds. pic.twitter.com/KFfmHWPhdr
— Sen. John Barrasso (@SenJohnBarrasso) February 28, 2023
New regulations from the Department of Labor would impose a highly liberal and left-leaning agenda on retirement funds, prohibiting investment in American energy sources such as oil, gas, and coal. This move would be detrimental to middle-class Americans who rely on their retirement savings to support them during their golden years.
The Biden Administration wants to let money managers use Americans’ retirement savings to push left-wing political causes while decreasing the return on investment for workers. Yet another Democrat attack on families' finances.
The Senate's going to vote this week.
— Leader McConnell (@LeaderMcConnell) February 28, 2023
The rule in question not only restricts the investment choices of Americans but also causes reduced investment returns. Bloomberg analysts have examined this issue and determined that the return on ESG investments is inferior to that of the general market. As a result, individuals compelled to invest in these socially aware organizations would suffer a double loss: first, from the limited investment alternatives and, second, from the lower investment returns.
Thankfully, House Republicans have successfully passed a resolution to kill the Labor Department’s new ESG-supporting rule by a vote of 216-204. Senate GOP Leader Mitch McConnell (R-KY) has also tweeted that the Senate will soon vote on the resolution as well. However, President Biden has threatened to veto the resolution if it comes to his desk, showing yet again that he is more interested in pushing his radical agenda than he is in protecting the financial security of millions of American families.
It’s time for the Biden Administration to stop giving the middle finger to middle-class Americans and start listening to what they want. The American people deserve more freedom and choice than they are getting from this administration, and it’s up to Congress to make sure they get it.