Biden vetoes bipartisan bill in order to enable activist fund managers

Rongagin71

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7:28p, 3/20/23

AG

At least that is what this article claims, this is a little out of my league.

https://dailycaller.com/2023/03/20/opinion-biden-uses-his-first-veto-to-sacrifice-americans-retirement-savings-at-the-altar-of-esg-steve-milloy/

Casey TableTennis

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9:08p, 3/20/23

AG

That wasn't bipartisan in the first place and the bill to overturn it isn't either.

YouBet

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9:21p, 3/20/23

AG

No one gaslights better than Joe.

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terradactylexpress

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In reply to Rongagin71 • 9:28p, 3/20/23

That article definitely reads well balanced.....

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YouBet

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9:39p, 3/20/23

AG

Here is a WSJ link on the veto: https://www.wsj.com/articles/biden-issues-first-veto-rejecting-attempt-to-block-esg-effort-63c2f969?st=nvnt8oqwowm36dp&reflink=article_copyURL_share

Your best course of action here is to transfer your 401k into an IRA so you can take control of it, if you don't want to be beholden to the politics of a 401k admin who has all the power here.

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deadbq03

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6:34a, 3/21/23

AG

Hilarious that "Republicans" want regulation for a market problem. Party has taken an awesome turn over the past two decades.

Employers aren't forced to pick an ESG 401k. If you're stuck with one, complain to them or go work somewhere that's not trying to be woke to woo investors (also a market problem).

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permabull

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6:40a, 3/21/23

AG

This is such a non issue now a days. I know in the past 401k plans forced people into high fee managed funds but almost every single plan now includeds low fee index options. If they want to include other options besides that for people to voluntarily invest in, who cares?

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Kenneth_2003

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8:06a, 3/21/23

AG

Quote:
"This bill would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don't like," Mr. Biden said.

1) That's some heavy handed gaslighting if I've ever seen it. The bill didn't say fund managers cannot evaluate those factors, it simply doesn't require evaluating those factors.

2) WSJ is referring to Biden as "Mr." not "President."

JDCAG (NOT Colin)

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In reply to Kenneth_2003 • 8:36a, 3/21/23

AG

Kenneth_2003 said:
Quote:
"This bill would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don't like," Mr. Biden said.
1) That's some heavy handed gaslighting if I've ever seen it. The bill didn't say fund managers cannot evaluate those factors, it simply doesn't require evaluating those factors.

2) WSJ is referring to Biden as "Mr." not "President."

Perhaps I'm wrong, but my understanding is that your first point is incorrect. From an AP article on the veto -

Quote:
Biden sought to kill a Republican-authored measure that would ban the government from considering environmental impacts or potential lawsuits when making investment decisions for people's retirement plans

If the text of the bill contradicts that article, it would be good to know.

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