patrick.net

Check your 401(k)'s fine print! Because now Biden wants to raid YOURS to fund net zero and 'diversity'. But why should his woke agenda put your retirement at risk...

If you are among the tens of millions of Americans with a 401(k), you'd better pay attention.

The Biden administration is putting your retirement money at risk in pursuit of their woke leftist agenda.

The evening before Thanksgiving to avoid unwanted attention, Biden's Department of Labor released an Orwellian new rule misnamed 'Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights.'

Don't let the mind-numbingly bureaucratic gobbledygook distract you.

The rule interprets a law that requires fund managers make investment decisions for the sole benefit of the Americans who depend on those assets.

That's certainly both a good and reasonable policy. And at one time, it was bipartisan. ...




Now, this new Biden rule provides some cover. Democrats wants managers to feel more secure in using investor assets to advance an ESG agenda, which conveniently – surprise, surprise – aligns with the Democrats' political agenda.

And in a rarely matched act of arrogance, they label doing so as, 'prudence.'

The new Biden era rule supposedly 'clarifies that retirement plan fiduciaries can take into account the potential financial benefits of investing in companies committed to positive environmental, social and governance actions.'