Biden’s ESG ‘Agenda’ Puts Americans’ Pensions at Risk, Say DeSantis, Noem, 17 Other GOP Governors

There are 19 Republican governors, Florida Gov. included. Ron DeSantis, South Dakota Governor. Kristi Noem, wrote a letter critiquing President Joe Biden’s commitment to environment, social and corporate governance (ESG). The letter said that the ESG commitment is a direct threat for the American economy and individual economic freedom as well as the country’s way of life. Governors claimed that ESG’s proliferation has put investment decisions in the hands of the. “woke mob” Financial institutions must return to profit-driven strategies.

The letter was sent in response to an A new rule proposed by the Department of Labor that would require fiduciaries—entities that manage assets or provide financial advice—to elevate the importance of “the economic effects of climate change and other ESG factors” When making investment decision. Although the change was blocked by Congress Republicans, Biden stated that he would use his Veto power to ensure the continuation of the new rule.

“Yet again, President Biden put his political agenda above the wellbeing and individual freedoms of hardworking Americans,” The letter from GOP governors Read more. “Retirees, already suffering from the reckless fiscal policies of the Biden Administration, will continue to experience diminished returns on the investment of their hard-earned money while the corporate elite continue to use their economic power to impose policies on the country that they could not achieve at the ballot box.”

Under current financial laws, fiduciaries must exercise “prudence” This requirement is important when making investment decisions. This requirement has been in place for a long time “in order to minimize the risk of large losses,” According To The Department of Labor

The department’s new rule will give greater weight to ESG concerns, potentially making asset managers liable for failing to disclose equity-related information when assessing investments.

Biden was accused by the governors of putting “the pensions of thousands of hardworking Americans at risk” threatened to veto power. They also accused President Trump of trying to “bypass the ballot box and inject political ideology into investment decisions.”

Governors are also available, in addition to DeSantis or Noem. Kay Ivey of Alabama, Mike Dunleavy of Alaska, Sarah Sanders of Arkansas, Brian Kemp of Georgia, Brad Little of Idaho, Kim Reynolds of Iowa, Tate Reeves of Mississippi, Mike Parson of Missouri, Greg Gianforte of Montana, Jim Pillen of Nebraska, Chris Sununu of New Hampshire, Doug Burgum of North Dakota,  Kevin Stitt of Oklahoma, Bill Lee of Tennessee, Spencer Cox of Utah, Jim Justice of West Virginia, and Mark Gordon of Wyoming.

Signatories pledged to implement state-level policies against the administration’s ESG push.

“As Governors, we are committed to protecting the interests of our constituents and will keep fighting the Administration’s decision to jeopardize retirement savings for millions of Americans to promote far-left priorities,” They wrote. “This may include blocking the use of ESG in all investment decisions at the state and local level.”

The governors recommended that the state and local regulators are prohibited from using ESG-related calculations to make decisions regarding the use and issuance of government bonds and taxpayer money. It is not clear how this mandate could conflict with environmental considerations.

Another suggestion was to prohibit the use of “Social Credit Scores” When determining whether an entity qualifies for financial services.

According to the letter, this could refer to: “stopping financial institutions from discriminating against customers for their religious, political, or social beliefs, such as owning a firearm, securing the border, or increasing our energy independence.” This is the latest Controversies surrounding the surveillance of firearm-related purchases by several credit card companies—including Visa, Mastercard, and American Express.

The letter represents the latest stand taken by conservatives to confront “woke” ideology. The Biden administration has not yet commented on the letter.