Richardcyoung.com

The Online Home of Author and Investor, Dick Young

  • Home
  • How We Are Different
  • About Us
    • Foundation Principles
    • Contributors
  • Investing
    • You’ve Read The Last Issue of Intelligence Report, Now What?
  • Your Survival Guy
  • The Great Reset
  • COVID-19
  • My Rifles
  • Dividends and Compounding
  • Your Security
  • The Swiss Way
  • Dick Young
  • Debbie Young
  • Key West
  • Paris
  • Dick’s R&B Top 100
  • Liberty & Freedom Map
  • Bank Credit & Money
  • Your Survival Guy’s Super States
  • NNT & Cholesterol
  • Work to Make Money/Invest to Save Money
  • Your Health
  • Ron Paul
  • US Treasury Yield Curve: My Favorite Investor Tool

Biden Administration Destroying Retiree Fiduciary Protections

January 27, 2023 By E.J. Smith - Your Survival Guy

By Olivier Le Moal @ Shutterstock.com

The Biden administration is undermining fiduciary protections created by the Trump administration to protect retirees from money managers who would use their wealth to push the radical progressive agenda rather than to secure the savers’ retirements. Now, 25 state attorneys general are suing to stop the Biden administration. Keith Griffith reports for the Daily Mail:

The Republican attorneys general from 25 US states have filed a lawsuit challenging the Biden administration’s plan to allow retirement fund managers to make ‘socially conscious’ investment decisions.

The federal suit filed on Thursday in US District Court for Northern Texas seeks to halt the implementation of the Department of Labor rule, which allows private benefit plans to invest in funds focused on environmental, social, or governance (ESG) issues.

The suit alleges the new rule ‘undermines key protections for retirement savings of 152 million workers… totaling $12 trillion in assets’ in the name of social policies, including addressing climate change.

The rule, set to take effect on January 30, reverses a restriction imposed during the Trump administration that requires retirement plans to consider only financial factors in making investment decisions and exercising shareholder rights.

‘The Biden Administration is promoting its climate change agenda by putting everyday people’s retirement money at risk,’ said Utah Attorney General Sean Reyes, who is leading the suit, in a statement to DailyMail.com.

‘Permitting asset managers to direct hard-working Americans’ money to ESG investments puts trillions of dollars of retirement savings at risk in exchange for someone else’s political agenda,’ he added.

‘We are acting with urgency on this case because this illegal rule is set to take effect next week. It must be stopped,’ said Reyes.

The Labor Department and Biden’s Labor Secretary Marty Walsh are named as defendants in the suit. A spokesman for Walsh referred requests for comment to the Justice Department, which did not immediately respond to a message late Thursday night.

Action Line: No one should be using your money to pursue their political goals. If you need help building a portfolio of individual assets that you control, let’s talk.

Originally posted on Your Survival Guy. 

If you’re willing to fight for Main Street America, click here to sign up for the Richardcyoung.com free weekly email.

Related Posts

  • The Preposterous Fabrication from the Biden Administration
  • How the Biden Administration Is Destroying Our Energy Infrastructure
  • Biden's Sinking Approval Ratings
  • Joe Biden Cratering
  • Author
  • Recent Posts
E.J. Smith - Your Survival Guy
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998.

E.J. has trained at Sig Sauer Academy in Epping, NH, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention.

E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris.

Please get in touch with E.J. at ejsmith@yoursurvivalguy.com

Click here to sign up for my free monthly Survive & Thrive letter.
Latest posts by E.J. Smith - Your Survival Guy (see all)
  • Your Survival Guy’s BEST Insider’s Guide to Key West - March 20, 2023
  • For Whom Is Your Portfolio Serving? - March 17, 2023
  • Are You Living Your Best Life? - March 16, 2023

Dick Young’s Must Reads

  • America’s States Rights Revolution
  • CONSTITUTIONAL CARRY: Alabama Becomes 22nd Permitless Carry State
  • Can Curcumin Help in Fighting Cancer?
  • The Fed – “Independent” and “Non Political” – Joins The Resistance
  • Tom Brady Is Proof You Shouldn’t Retire if You Still Love Your Work
  • ENERGY FREEDOM ACT: Ted Cruz Introduces Bill for Energy Independence
  • Remembering Brent Scowcroft
  • Joel Salatin: Meet the Real Mr. America
  • Your Survival Guy Prefers Bombardier’s Global Express 7500
  • Yes, Your Children Are Listening to You

Our Most Popular Posts

  • Washington Is the Systemic Risk
  • Matt Taibbi Exposes the "Censorship-Industrial Complex"
  • “Will We Have Enough to Live On Forever?”
  • SVB – There’s Panic in the Air
  • The Education of Barney Frank
  • MASKS: "No Measurable Difference in Outcome"
  • Coal Is Keeping the Lights On
  • WORKING OVERTIME: The COVID Propaganda Machine
  • Silicon Valley Bank: What Do Investors Expect?
  • How about Hiring Erik Prince to Crush the Drug Cartels?

Disclosure

RSS Youngresearch.com

  • For Whom Is Your Portfolio Serving?
  • Who’s to Blame for Banking Vulnerability?
  • Mortgage Market Not Expected to Settle Down Soon
  • Are You Living Your Best Life?
  • Were Silicon Valley Bank’s Motivations for Taking Losses Pure?
  • Will the Black Swan Usher in Digital Dollars?
  • Major Rail Merger Gets Approval
  • The Education of Barney Frank
  • Credit Suisse Announced “Material Weaknesses” In Its Internal Controls
  • Is Deposit Insurance a Solution or a Problem?

RSS Yoursurvivalguy.com

  • For Whom Is Your Portfolio Serving?
  • ESG: Are Markets Ready for “A Needed Dose of Reality?”
  • Was Silicon Valley Bank a Victim of ESG?
  • Are You Living Your Best Life?
  • March RAGE Gauge: Will the Black Swan Usher in Digital Dollars?
  • Gretchen Whitmer Reviving Forced Unionization in Michigan
  • Will the Black Swan Usher in Digital Dollars?
  • How the Rich Get Richer: You Invest, They Win
  • Why Investors Should Forget Prices and Focus on Income
  • The Education of Barney Frank

Pushing Back at ESG

Your Survival Guy’s BEST Insider’s Guide to Key West

Greetings from Key West

Cheap Reliable Heating – a Life Saver

For Whom Is Your Portfolio Serving?

Are You Prepared to Run Out of Water?

Copyright © 2023 | Terms & Conditions | About Us | Dick Young | Archives