AMAC, the largest association of 50-plus aged conservative Americans, strongly condemns Biden’s veto of bipartisan legislation – H.J.Res. 30 — to protect individuals’ retirement savings from being unilaterally invested by their fund managers in woke governed enterprises, thereby relieving them from their fiduciary responsibilities to maximize financial returns on the investments they manage. This legislation was passed overwhelmingly to block a new Labor Department rule encouraging retirement savings fund managers to consider environmental, social and corporate governance (ESG) issues in their investments.
AMAC CEO Rebecca Weber says, “Once again, the Biden Administration demonstrates how it continues to put politics ahead of hard-working Americans’ pension plans. Environment, Social, and Governance (ESG) is a new form of woke ideology that hurts seniors who have invested money in 401(k)s and other investment vehicles.”
Weber continued, “The finalized regulation putting ESG over fiduciary duty as part of making investment decisions leaves senior Americans worse off over the long run. Biden’s veto rule puts retirees at risk, as investment decisions are no longer about ensuring returns. Biden effectively weaponized investment funds in order to reshape society at the expense of average Americans.”
CEO Weber closed in saying, “The previous two years have shown true ineptitude on behalf of the Biden Administration in dealing with the needs of seniors. It is not hyperbole to say the damage done to seniors’ longevity, prosperity, and legacy by the Biden administration is the worst in the last 50 years….And, there they go again.”