House And Senate Pass To Block Biden’s ESG Rule.

[Ingomike]

Biden is not a dictator so he cannot make a law but when Congress says not to his EO, he says he will veto it, this seems near constitutional crisis to me. Will this be like the student loan debacle, making up law?

Senate Votes to Block Biden's ESG Rule That Authorizes Asset Managers to Prioritize Funding Political Agendas - Biden Vows to Veto

www.thegatewaypundit.com

 

[MCgrease08]

Someone help me understand the danger of allowing fund managers to pick what companies they invest in. From what I can tell this doesn't force the fund to prioritize ESG scores when evaluating a company, it only says that they can. How does this impact the average investor who can pick and choose which funds to put their money in? Doesn't this allow for more free market choice?

Am I missing something?

 

[Twangbanger]

Someone help me understand the danger of allowing fund managers to pick what companies they invest in. From what I can tell this doesn't force the fund to prioritize ESG scores when evaluating a company, it only says that they can. How does this impact the average investor who can pick and choose which funds to put their money in? Doesn't this allow for more free market choice?

Am I missing something?

I guess I'm missing something, too. What exactly is preventing them from doing it now? There is quite a lack of details in the reporting around this issue. And that's where the proverbial devil seems to lie. I know there are states like Florida who are legislatively preventing their own state fund managers from prioritizing politics in investment decisions. Is the Labor Dept. rule attempting to block state law? I have no idea, and the media seems to have no interest in educating us.

 

[Ingomike]

Just a guess, are pension fund managers investing in ESG instead of what is most profitable with the peoples money?

 

[oze]

I guess I'm missing something, too. What exactly is preventing them from doing it now? There is quite a lack of details in the reporting around this issue. And that's where the proverbial devil seems to lie. I know there are states like Florida who are legislatively preventing their own state fund managers from prioritizing politics in investment decisions. Is the Labor Dept. rule attempting to block state law? I have no idea, and the media seems to have no interest in educating us.

IANAL, but as was explained to me by my investment manager, if the investment manager/firm is a fiduciary to their clients, they have a legal responsibility to invest the clients' money in a way that would be most profitable for those clients. Investing in ESG for its own sake would be in violation of their fiduciary duty, and subject to penalties, beginning with restoring the clients' losses. If your investment manager is not a fiduciary, move to one who is!

 

[BugI02]

Someone help me understand the danger of allowing fund managers to pick what companies they invest in. From what I can tell this doesn't force the fund to prioritize ESG scores when evaluating a company, it only says that they can. How does this impact the average investor who can pick and choose which funds to put their money in? Doesn't this allow for more free market choice?

Am I missing something?

It breaches fiduciary duty. A fund manager's only concern should be what increases share holder equity. If an individual investor wants to only invest in green funds or some such, give them the tools they need to do so but don't drag all of a funds investors down that path

ESG is the prime propaganda lever being used to prop up climate change nonsense in the financial investment space

 

[GodFearinGunTotin]

It breaches fiduciary duty. A fund manager's only concern should be what increases share holder equity.

This was an intentional pun, wasn’t it?

 

[smokingman]

So now they can invest all those pensions in ESG....sigh.

Biden Kills Bill To Reverse ESG Investing Rule | ZeroHedge

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