Biden wants your retirement savings to go woke.
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Woke was never high on my list of reasons to invest.
https://www.foxnews.com/opinion/biden-retirement-savings-woke-protect-yourself
Biden wants your retirement savings to go woke. Here are 3 ways to protect yourself
Many employer-run 401(k) accounts could soon automatically put your contributions in woke funds
The White House recently issued a new regulation that will allow investment fiduciaries, including 401(k) plan managers, to offer investment options that consider environmental, social, and governance (ESG) issues, such as climate change and social justice initiatives. The move could radically transform retirement investing for tens of millions of Americans nationwide.
Until now, those managing many retirement accounts were required to prioritize the best return on investment possible. By opening the door to left-wing investment plans, the Biden administration is permitting employers and private pension fund managers to effectively politicize retirement investments.
Under the new regulation, a retirement account fund manager or employer must continue to pledge to prioritize the interests of retirees, a longstanding requirement, but fiduciaries will now also be allowed to include factors like climate change and other ESG considerations in their analyses and decision-making processes. This will, by design, empower left-wing employers and fund managers to use retirement accounts to push leftist causes.
The regulation is a huge win for those who support using investment dollars to promote a left-wing ideological agenda. The total value of all U.S. 401(k) accounts was a whopping $7.3 trillion in June 2021. Although not all of that wealth will likely end up in ESG funds in the wake of Biden’s regulatory change, if even just one-third of those funds do, it would mean trillions of dollars could soon flow toward companies that embrace liberal ideals.
