Last week, Congress passed House Joint Resolution 30, (H.J.Res. 30) a measure that disapproves the “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights” regulation endorsed by Joe Biden’s Department of Labor. This regulation would place leftist Environment, Social, and Governance (ESG) priorities, like climate change, over fiduciary responsibility and duty in the decision-making process utilized by finance professionals. In other words, your hard-earned retirement savings would be pointed towards poorly performing, ideologically driven assets instead of investments that could perform better.
Furthermore, some of the companies in ESG fund portfolios had less-than-stellar compliance records for both labor and environmental metrics according to researchers at Columbia University and the London School of Economics in a paper that was written last May. To say that seniors’ financial retirement security is at risk with ESG investing would be an understatement.
Congress rightly moved to stop this assault on financial freedom by the Biden Administration by passing H.J.Res. 30 which the President is now threatening to veto. Joe Biden campaigned on “uniting the country” while vowing to work with both Democrats and Republicans. This is another opportunity to do so.
AMAC Action launched a campaign calling for our members to directly contact Mr. Biden at the White House to urge him not to veto this bipartisan resolution. The response to our campaign has been enthusiastic and constant with thousands of messages sent to the White House.
Our messages have been received and the White House is responding. In a form letter signed by the President himself, Biden repeats the same pathetic lies about Republicans wanting to cut Medicare and Social Security while boasting about his so-called Inflation Reduction Act. He continues with the narrative of Medicare being able to “negotiate” drug prices which is actually the federal government mandating, or price-fixing, the cost of drugs, something AMAC has long been opposed to.
Unsurprisingly, there is absolutely no mention of ESG investing in his pitiful response, just Democrat talking points that insult the intelligence of everyday mature Americans. Meanwhile, AMAC Action moves forward with amplifying the voice of conservatives on this issue and others of concern to the AMAC membership. You can read the response from President Biden below and send him a message about ESG investing here.
March 8, 2023
Thank you for taking time to write to me. I believe we have a moral responsibility to provide Americans with the support they need to maintain their independence and age with dignity. That’s why I have kept my commitment to stand up for seniors—lowering costs, strengthening Medicare and Social Security, and fighting any efforts to cut these bedrock federal programs.
Last year, I was proud to sign the Inflation Reduction Act into law. For the first time, Medicare is able to negotiate the price of certain high-cost drugs, a month’s supply of insulin for seniors is capped at $35, and seniors’ out of pocket expenses at the pharmacy will be capped at $2,000 a year.
This historic law builds on the progress we have made to improve the lives of seniors across America. Hearing aids can now be bought over-the-counter. Family, community, and nursing home care are improving. In so many ways, our seniors are finally getting a little more breathing room.
But Republicans in Congress are threatening to repeal the Inflation Reduction Act, which would line the pockets of Big Pharma and raise health care costs for seniors. Some Congressional Republicans even proposed putting Medicare and Social Security on the chopping block. I promise you: If anyone tries to cut Social Security or Medicare, I will stop them.
The strength, resilience, and wisdom of older Americans have made our Nation what it is today, and I will do everything in my power to help them thrive.