.SenatorLankford: 'Retirement funds used to be about families preparing for the future. Now apparently they’re about liberal political preferences.' sponsored ConsumersFirst
ESG demands that a company or an investment shouldn’t be scored on its financial returns or viability but instead on how green or progressive it is according to an ever-changing and loosely defined litmus test of ESG.
The Department of Labor recently set an ESG rule that allows retirement plans to use Americans’ retirement savings to advance a green-energy and social-justice political agenda. The Biden administration’s rule tells the federal government to root out threats from climate-related financial risks and use that information to supposedly protect the life savings and pensions of America’s workers and families.
The Office of the Comptroller of the Currency and the FDIC are on a parallel track to force “climate-related financial risks” on assessing the safety and soundness of financial institutions, and the OCC is creating a Chief Climate Risk Officer. Financial institutions are scrambling with the uncertainty of complying with Biden’s climate agenda instead of leaning on traditional sound lending practices.
The Chinese Communist Party grades its citizens and businesses with a social credit system that determines whether the CCP thinks they’re a good citizen/company or not based on factors including whether a person attends government-backed events, etc. The punishment for a low social credit is being banned from flights, blocked from student loans, and restricted or throttled internet use.
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