Biden Overturns Trump rule and tells 401k
investors to prioritize green investments
over profit - despite plans already losing
$34,000 on average this year
Daily Mail (UK),
by
Neirin Gray Desai
Original Article
Posted By: Imright,
11/22/2022 10:44:45 PM
The Biden administration will allow employers to invest pension money in green industries that could provide lower returns for Americans.
The move which was announced on Tuesday reverses a rule imposed by Trump in 2020 that forced employers to prioritize profit when making 401(k) investments.
The new rule introduced by US Department of Labor will allow retirement plan investors to focus on ESG investing - which considers the environmental and social impacts of investments.
The change comes as the average 401(k) in the US is down around 25 percent
Reply 1 - Posted by:
Muguy 11/22/2022 10:54:50 PM (No. 1340411)
Time to move your money to non-ESG investments to prospect your retirement nest egg!
52 people like this.
Reply 2 - Posted by:
Illinois Mom 11/22/2022 10:58:53 PM (No. 1340414)
Here's a guy who has stolen millions of dollars selling out his country telling regular American's that it's "worth it" to make less money to "save the planet," and he will help facilitate it. There are no words for these people.
Do they lay awake at night thinking up ways to do damage to regular working people?
78 people like this.
Reply 3 - Posted by:
Italiano 11/22/2022 11:23:02 PM (No. 1340416)
What a worthless POS he is. Worst ever.
77 people like this.
Reply 4 - Posted by:
LC Chihuahua 11/22/2022 11:28:35 PM (No. 1340421)
Keep a close eye on your 401k folks.
The green stocks will rise in value even though they aren't worth it. Eventually the bottom will fall out. The insiders will know when and bail in advance leaving everyone else holding an empty bag. They are called looters for a reason.
65 people like this.
Reply 5 - Posted by:
john56 11/22/2022 11:47:18 PM (No. 1340430)
Glad most of my retirement dollars are in self-managed IRA funds. Advice - if you've left a job, move that 401k to an IRA as quickly as you can.
30 people like this.
Reply 6 - Posted by:
DVC 11/23/2022 12:23:55 AM (No. 1340438)
My wife and I are down about 30 times that much.
19 people like this.
Reply 7 - Posted by:
smokincol 11/23/2022 2:03:38 AM (No. 1340465)
isn't something like that supposed to be said by some Dictator, not the occupant of that position he holds? (I refuse to refer to him as President)
26 people like this.
Why was such a rule necessary in the first place - aren't the big 401(k) managers like Vanguard and Fidelity fiduciaries, by law? Or does the government now get to say what's in my best financial interest, too?
34 people like this.
Reply 9 - Posted by:
mifla 11/23/2022 4:04:17 AM (No. 1340493)
Deja Vu. Obama giving our money to the green companies that cashed the check and went bankrupt.
39 people like this.
Reply 10 - Posted by:
FJB 2022 23 24 11/23/2022 4:58:34 AM (No. 1340517)
Most people who HAD some savings or 401K's have lost thousands, and this sob wants to take what is left by telling companies to invest in the green crap...get your damn hands off our money, what's left of it, we depend on it to survive in the country you have brought to ruin. FJB to hell .
35 people like this.
Reply 11 - Posted by:
Msquared112 11/23/2022 6:34:27 AM (No. 1340547)
So now the POTUS is demanding we invest in garbage Solyndra-like endeavors instead of the way WE want to invest? I thought this was a FREE market.
26 people like this.
So it begins…Say Bye Bye to our savings.. (election over, this is their largest wet dream.)
17 people like this.
Reply 13 - Posted by:
Heil Liberals 11/23/2022 6:55:48 AM (No. 1340564)
Just a reminder in case you thought that you are a citizen of the United States of America. You aren't. You are a subject, and you are ruled.
23 people like this.
Reply 14 - Posted by:
tootall 11/23/2022 7:12:39 AM (No. 1340576)
Blackrock is already doing this, and losing tons of Institutional and Foundation assets under their management
19 people like this.
Reply 15 - Posted by:
bigfatslob 11/23/2022 7:32:15 AM (No. 1340588)
Biden is just a 'mouthy' stooge who only thinks of double dip ice cream cones, but somebody came up with this crappy thought for the Delaware crash test dummy to read off his prompter. Invest in candles or firewood it would be better for the winter. FJB
17 people like this.
Reply 16 - Posted by:
LanceLink1 11/23/2022 7:34:36 AM (No. 1340592)
We've lost ten times the average while in IRAs and there's no stopping this d-bag.
12 people like this.
Reply 17 - Posted by:
JHHolliday 11/23/2022 7:37:04 AM (No. 1340595)
Re #14. I sold all my Blackrock 2 months ago when I became aware of their woke agenda. I am also scouring what’s left of my portfolio for ESG equities. My broker said almost all his clients have done the same thing.
12 people like this.
Reply 18 - Posted by:
Paintman 11/23/2022 7:44:31 AM (No. 1340604)
Maybe someone with a financial background can flush this out.
Don't the people choosing the Investments have a fiduciary responsibility ?
19 people like this.
Reply 19 - Posted by:
RuckusTom 11/23/2022 8:11:39 AM (No. 1340632)
Step 1 in the government takeover of IRAs' and 401k's - 'encourage' fund investors to focus on 'climate change' investments that either don't perform or go belly up (e.g. Solyndra under Obama). Step 2 in the government takeover of IRAs' and 401k's - when Step 1 doesn't work because returns are too low or fail (and workers find that they have to work until they're 80+), have the government, in its magnanimity, come in and take them over to provide a 'safe' investment like SS.
Up until now I figured the excuse to take over IRA's and 401k's would be to pay off our national debt. As our betters fly all over the world in jets, they'll use 'Climate Change' as the excuse instead.
16 people like this.
Reply 20 - Posted by:
lakerman1 11/23/2022 8:19:07 AM (No. 1340638)
#18, the law govenrning private secotr pensions is called ERISA, the Employee Retirement Income Security Axt of 1974, and while I have not \taught this subject for 20 years, the law is still in effect, as far as I know.
ERISA requires poension fund to operate exclusiely in the interests of the employee participant. A pension fund might give the employee an option to invest in a social equity fund -
TIAA, the largest defined contribution pension fund in the world, has done that for 30 years.
What Dementia Jo is requiring is insane, and worthy of being crushed by the U.S. Supreme Court.
20 people like this.
Reply 21 - Posted by:
Strike3 11/23/2022 8:26:18 AM (No. 1340648)
Where do you, Nancy and Mitch keep your money, Joe? We earned ours, you stole yours. Eff your green energy.
20 people like this.
Reply 22 - Posted by:
janjan 11/23/2022 8:54:43 AM (No. 1340681)
Biden cannot mandate what 401K managers do or do not invest in. He is simply ‘allowing’ investors to lose money on their clients behalf to shore up weak, unprofitable green industries. Very few will take the bait.
7 people like this.
Reply 23 - Posted by:
moebellini3 11/23/2022 9:03:14 AM (No. 1340688)
Yea, how about investing in companies like Solyndra. Obama gave them 500 million dollars in taxpayer money. And, guess what, they were bankrupt in 2 years and the money was gone. Over 30 green companies that were given millions in taxpayer money all went bankrupt. You see, the fact is, these green companies are nothing more than money laundering operations that put millions in the pockets of democrats. Democrats are nothing more than a sick cult and people better start waking up....
9 people like this.
Reply 24 - Posted by:
LadyVet 11/23/2022 9:16:16 AM (No. 1340700)
If you are if Morgan Stanley and your advisor has money in Black Rock, you need to pay attention. Black Rock is into ESG investing. Not surprising, when the market started going down after Biden's election, Black Rock lost more than other managers, in the "Go woke, go broke" pattern.
6 people like this.
Reply 25 - Posted by:
Rumblehog 11/23/2022 9:47:59 AM (No. 1340724)
Meanwhile, the Bidet clan will prioritize the "Red" investments via Hunter's business dealings with Communist China, which has thus far yielded a net return of 4 family mansions. As a matter of fact, the only "green" investment Joe has ever made is the paint color of the 1967 Corvette he owns.
2 people like this.
Reply 26 - Posted by:
snowoutlaw 11/23/2022 9:50:28 AM (No. 1340725)
Vanguard just informed me they now have a ESG fund, doesn't mean I have to invest in it. I invest in the funds with highest returns, if the ESG starts beating others then I will take a look. Over time the S&P500 fund usually beats most all actively managed funds.
3 people like this.
Reply 27 - Posted by:
Enoch Powell 11/23/2022 11:00:10 AM (No. 1340786)
Is there any far left harebrained scheme this dumpster fire administration won't embrace?
5 people like this.
Reply 28 - Posted by:
NotaBene 11/23/2022 11:47:27 AM (No. 1340826)
One reason I love President Trump is that under his watch my 401k made me wealthy. I lost some with the Bidets, but it seems they want to redistribute it all now.
Global warming is a hoax. Sea levels are not rising perceptibly, it is hot in summer, cold in winter, chilly at night. It is the sun, stupid. We are in an interglaciar period. Our dictator should not be sending reparations to third world dictators.
4 people like this.
Reply 29 - Posted by:
Vincent Vega 11/23/2022 12:34:02 PM (No. 1340847)
Maybe I'm missing something, but this article is confusing. The title addresses "401(k) investors", but the first sentence says the administration "will allow employers to invest "pension money" in green industries. There is a big difference between pensions and 401(k)s. The government cannot dictate how you invest your contribution to your 401(k) plan, which typically involves several choices for the employee.
I think the author of this article is confused. I'm guessing the rule the article is attempting to address is about allowing investment firms that manage pension funds for various entities (like the teachers union pension fund) can now invest in green industries.
Hard to tell, this article flip-flops between pensions and 401(k)s as though they are the same thing. They are not.
4 people like this.
Reply 30 - Posted by:
joew9 11/23/2022 1:48:33 PM (No. 1340880)
What perfect insane timing. Just when ESG investments are crashing and burning Biden jumps on them. I can only believe that it's either as a favor to friends or to enhance further payoffs. So he is trying to save those ESG investments by encouraging a ponzi like scheme.
2 people like this.
If you haven't moved your money, better do it sooner rather than later. Biden is coming after these accounts and if people can't move their money, they better not whine when they lose funds out of their retirement accounts.
0 people like this.
Reply 32 - Posted by:
Thos Weatherby 11/23/2022 10:49:54 PM (No. 1341120)
gold silver Bitcoin, but not from an exchange. That's the answer.
0 people like this.
Below, you will find ...
Most Recent Articles posted by "Imright"
and
Most Active Articles (last 48 hours)