Wall Street “wins again” by taking more money from savers as the Department Of Labor considers allowing the ESG scam to infiltrate retirement plans.
“The U.S. Department of Labor today announced a proposed rule that would remove barriers to plan fiduciaries’ ability to consider climate change and other environmental, social and governance factors when they select investments and exercise shareholder rights.
The proposed rule, “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights,” follows Executive Order 14030, signed by President Biden on May 20, 2021. The order directs the federal government to implement policies to help safeguard the financial security of America’s families, businesses and workers from climate-related financial risk that may threaten the life savings and pensions of U.S. workers and families.”
While the Department of Labor is following an executive order, are they doing the best thing for retirement plan savers?
Since the financial crisis, great strides to bolster the fiduciary standards of retirement plans to protect workers got made. For example, rules requiring plan sponsors to ensure offerings had track records from reputable firms, low fees, tenured managers, etc., all benefited savers.
In their publication, even the Department Of Labor noted the importance of low fees to savers outcomes.
“While contributions to your account and the earnings on your investments will increase your retirement…