WND By Bronson Winslow 1/26/2023
Prioritizes ESG over protecting retirement savings of millions of AmericansOver two dozen states filed a lawsuit against the Department of Labor (DOL) Thursday, claiming its recent ruling on plan fiduciaries prioritizes woke Environmental, Social, and Governance (ESG) investing over protecting the retirement savings of millions of Americans.
The lawsuit, co-led by Texas Attorney General Ken Paxton along with three energy companies, challenges a DOL rule that authorizes fiduciaries, such as pension plan managers, to consider non-financial factors when administering client assets, according to the lawsuit. The suit alleges that, as the rule allows fiduciaries to focus on ESG factors over long-term financial stability, the assets of 152 million workers could be jeopardized.
“This rule is an affront to every American concerned about their retirement account,” said Attorney General Paxton in press release. “The fact that the Biden Administration is now opting to risk the financial security of working-class Americans to advance a woke political agenda is insulting and illegal. For generations, federal law has required that fiduciaries place their clients’ financial interests at the forefront, and I intend to fight the Biden Administration in court to ensure that they cannot put hard-working Americans’ retirement savings at risk.”
Texas Attorney General
@TXAG
BREAKING: I’m co-leading a lawsuit against the Biden Admin to end a rule that risks millions of Americans’ retirement accounts by allowing certain fund managers to prioritize woke ESG investments over achieving financial stability for clients.
More:
https://www.wnd.com/2023/01/25-states-sue-biden-dept-labor-woke-investing-rules/
