Biden used first veto to save a 401(k) investment rule. Here's what it does

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President Joe Biden vetoed a measure that would have overturned a recent 401(k) investment rule about ESG funds. The rule loosened some Trump-era restrictions.

Few 401 plans — about 5% — offer an ESG fund, according to PSCA survey data. Employers cited lack of regulatory clarity as one of the top reasons they haven't offered one to workers.

Those factors restrict fund analysis to purely financial measures, such as fund fees, return and risk, experts said. Environmental, social and governance factors are generally "nonpecuniary," however. Broadly, that fiduciary duty means they must operate the plan — including investment choice — solely in workers' best interests. Under the Biden rule, employers must still consider ESG factors within the context of what is in investors' best interests.

The Republican-controlled House of Representatives voted to kill the rule on Feb. 28. It did so using the Congressional Review Act, a mechanism thatThe Biden administration issued theThe Senatethe Biden-era rule on March 1. Two Democrats — Jon Tester of Montana and Joe Manchin of West Virginia — joined the Republican opposition.

 

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The article admits the Biden rule may decrease the return on investment if ESG is chosen

He should Vito the fiat scam

Biden vetoing this ensures that peoples 401ks will not be profitable and he is endangering people’s retirement. Profit is all that matters when investing

A crook remains a crook. He can't help but set up plans to deceive people while ensuring handsome personal profits.

So his veto allowed investment managers to select green over returns…..and you present this like it’s a victory for the common man. Bull 💩

Nice biased take CNBC. Pathetic example of journalism.

Biden just gave your retirement to social justice activists and you call it saving 401k

Biden vetoed a bipartisan bill (Democrats voted for it in the Senate) that would have protected America’s working class retirement savings. Now, instead of focusing on returns for the worker, and investor can legally invest in unprofitable, woke companies.

there goes the govt pensions. Everything that Biden turns to turd FJB

The veto served potus woke agenda but offered only risk to Americans retirement accounts. Next Biden will be taxing unrealized gains in people’s retirement 401k accounts and IRA’s. He will tax your account BEFORE you retire and starting using your money.

Punishes

Lol, and we’re supposed to believe democrats are the party of the average American?

Beginning of the article said, “may consider” and father down it say “must.” Employers might be able to offer a ESG and non ESG options. The “may” will probably disappear under regulations.

Here’s what it does you suck 🐓

What is important here is: do employees have an option to rule out ESG n their plans? How will performance of plans be justified in courts when em

It politicizes 401k investments if your fiduciary so chooses. That facts in the article are very misleading about what it does and what it replaced.

Glad 🙂 the bill was anti capitalist. Not sure why they would want to stop people from investing in their values. Head scratcher.

What it does is allow woke investment professionals to use your money to advance their pet political causes, without regard to any desire to get you decent returns on your savings.

Klaus Schwab approves of zis veto

Biden is an incompetent, senile liar and CNBC runs cover for him daily.

He vetoed a bipartisan bill… Loser in chief dementia patient

Fucking liars, explain the law honestly. Your financial advisor -now- does not have to get the best return. They can invest into green pipe dreams, lose all your money and THAT is what Biden upheld. You’re pathetic

Remember your 401k under Trump? Yeah, good times.

Saved he made them more vulnerable

He did not hat his owners told him to do. He has zero understanding of this law

Keeps the money going into his cronies’ companies?

Misleading title.

And I used to enjoy CNBC before it became a political tool of the Democratic Party

Bidon just a criminal

It screws over your 401k

Quote: Biden Issues First Veto on Bill Reversing ESG Rule! Biden, by vetoing Bill in essence takes CONTROL of how Pensions will be invested! Another Democratic Socialist State tactic! Pension investments need to be where they can benefit Employees, not the Socialist State!

The bill would’ve prevented fund managers from using investor funds as donations to corporations who prioritize ESG over investment returns

harmony World 🌍 futuristicJulia Naimbale&soulmatelover Gary Nekongo&allourchildrenfromNamibia 🇳🇦 includinggirlin🇩🇪Juliasay IrepeatMr PresidentBidenthe globalfood systems&pharmaceuticalshasmy DNA&Ino longerwish tododouble shitswhileharassed&keptasaslave blocked global.

Save? That's the stupidest shit I've read all morning

He’s lost and doesn’t know where he is going. Where’s Dr. Jill when he needs her?

Horribly written title ha

ESG is bullshit

Everything woke turns to 💩

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