'The government should not be picking winners and losers, and it certainly should not be encouraging or pressuring fund managers to pursue a woke agenda instead of positive returns for their customers,' writes SenLummis. sponsored ConsumersFirst
Before I came to Washington, D.C., I served two terms as the state treasurer of Wyoming. I managed billions of dollars in assets and transitioned the state’s investments from mostly fixed-income funds to a diversified portfolio that grew to more than $8.5 billion. This helped create a buffer to the boom-and-bust cycle of Wyoming’s energy industry. When I invested Wyoming’s funds, I looked at outcomes and returns, not a company’s politics du jour. People across Wyoming do the same.
At the end of November 2022, the Biden administration released a rule that explicitly allows managers of retirement plans to consider ESG factors when selecting investments and exercising shareholder rights. Prior to this rule, financial advisors and fund managers were required to make decisions solely based on the best interests of their investors.
Ultimately, these efforts by the Biden administration and woke fund managers are an attempt to quietly subvert the industries they find to be reprehensible our domestic energy industry and the firearms industry are at the top of their list.
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