https://www.yahoo.com/news/senate-kills-biden-esg-investment-215425800.html
He doesn’t, but never miss an opportunity to bitch. And what an opportunity. Here is from the first paragraph of the article…outrage happens later
Department of Labor rule that encourages private retirement plan fiduciaries to consider environment, social and governance (ESG) factors when making investment decisions for over 150 million Americans.
Not require - just consider. If they decide to give it the middle finger, there are not consequences. So if the REpublians are going to stand up in congress and hoot like a bunch of howler monkeys when Biden said they wanted to get rid of social security -they have to realize that their outrage over this is just as unfounded.
They can consider it without bring told to.
The DoL came up with the new regs.
Yes, I know it’s in the link.
No investment plan should ever CONSIDER any plan for non fiduciary reasons.
Yet, the Feds have a habit of changing voluntary to mandatory with the snap of the fingers.
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True. So tell me…had this gone thru, what is the penalty to any company refused to CONSIDER any of that? Life is too short to be outraged over nothing.
Then in that case, Republicans may well be looking to eliminate social security. So we are right to wrry about that too.
And how long will it be until their is shaming for not Considering/Acting. This is the camel’s nose under the tent.
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BTW reminds me of why do Criminals rob banks?
Because that is where the money is.
You apparently forgot to read the link again.
Get back to me with real questions after you do.
See my thread on this subject.
It opens them up to frivolous lawsuits. You can put on a spreadsheet and defend based on dollar figures what is best. It is impossible to do this with ESG considerations.
Wow…I didn’t realize that someone could be sued because they opted not to consider something. If someone wants to file a frivolous lawsuit, have their lawyer point out the consequences for not considering it. Case dismissed.
And I’m not for or agaisnt it…just the righteous outrage over - nothing. To just from the title of this thread, Biden is determined that I end up eating Alpo for dinner.
Actually, before Biden’s rule, the investment companies could be sued if they didn’t take the clients fiduciary needs into consideration.
Under this rule, damn the clients money, a company can invest in what makes them feel good.
Hey grandma!! Sorry you have to work a couple extra years so some grumpy Swedish girl can feel good about herself.
Hey grandpa, sorry your retirement is a little light, some “social justice” warrior needed a million dollar house.
Why even ask them to consider it?
Do you know what fiduciary is?
A fiduciary is someone who manages money or property for someone else. When you are named a fiduciary, you are required by law to manage the person’s money and property for their benefit, not yours.
We get it, lefties want fiduciaries to manage peoples money to benefit the liberal agenda. The only thing a fiduciary should consider is what’s best for their client.
You might be too stupid to know what’s best for yourself.
This is just a another backdoor way to choke off the financing of the fossil fuel industries. No you can’t buy those bonds issued by a coal company. When the banks shunned coal after operation choke point, they found that the bond markets were still willing to loan money. Now they want to choke that source of financing out.
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That is the ground floor ideology of the left. Everything else is built upon it.
But good for Tim Buckley, I’ve been with VG since 1984.
Buckley emphasized that his firm maintained a fiduciary responsibility to its investors to deliver returns and that Vanguard’s own analysis of ESG approaches showed that such a strategy could not reliably help it deliver for its investors.
“Our research indicates that ESG investing does not have any advantage over broad-based investing,” he told the Financial Times earlier this month.
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I agree, anyone who doesn’t see a problem with this is stupid beyond fixing.
That’s not how I read it.
How you read it isn’t relevant to the facts.
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