Biden pander to climate kooks threat to retirees

 Fox Business:

Attorneys general and treasurers from 24 states urged the Biden administration to drop a proposed regulation that would require retirement investment managers to prioritize climate change concerns while managing American employees' retirement portfolios.

The Department of Labor's Employee Benefits Security Administration submitted a rule that "would irrationally require fiduciaries to elevate immaterial and speculative risks in employee retirement savings investment decisions," the state leaders wrote in the letter, first provided to FOX Business. "Instead, fiduciaries must be held to their duties of prudence and loyalty by considering only the material financial or pecuniary factors of each potential investment."

Utah Republican officials – Attorney General Sean Reyes, Treasurer Marlo Oaks, and State Auditor John Dougall – led the letter, which Republican officials from Alabama, Alaska, Arizona, Arkansas, Florida, Georgia, Idaho, Indiana, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, North Carolina, North Dakota, Ohio, Oklahoma, South Carolina, Texas, West Virginia and Wyoming joined.

The letter notes that the Employee Retirement Income Security Act's (ERISA) rules bar fiduciaries – entities entrusted with employee retirement funds – from subordinating "the interests of retirement plan participants and beneficiaries to unrelated or other objectives."
...

The rule appears to be part of the Biden administration's war on fossil fuels.  That war has already driven up the price of gas at the pump and will impact electric bills going forward.  It is based on assumptions that have been found to be exaggerated and in many cases flat wrong over the last 50 years.  The poles are still not ice-free, and coastal cities are still not underwater. 

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