• Re: Gov. Cox blasts Biden?s veto, calling it an attempt to bypass Congr

    From Biden Stole Your 401k@21:1/5 to All on Wed Mar 22 05:38:55 2023
    XPost: alt.government.abuse, alt.politics.republicans, sac.politics
    XPost: talk.politics.guns

    On 25 Jan 2022, "13% = 6x the crimes!" <reparations@naacp.org> posted
    some news:ssprvb$ls9s$80@news.freedyn.de:

    Phil Omdahl wrote

    Trump used me for asswipe.

    Utah Gov. Spencer Cox on Tuesday called President Joe Biden’s recent veto
    of a bill targeting environmental, social and governance (ESG) factors in investments “deeply disappointing,” and a “backdoor” way for the White
    House to bypass Congress.

    It’s the latest public criticism from Cox regarding ESG factors being considered by investors. Utah recently became one of nearly 20 states
    opposing Biden’s use of ESG in federal retirement funds.

    “It affects regular people. Blue collar workers who are planning for their retirement will not have as much money because the fiduciaries don’t have
    to focus on the returns, they get to focus on these other things,” Cox
    told the hosts of Fox Business’ “The Big Money Show.”

    The bill that Biden vetoed sought to overturn a Department of Labor rule
    that allows retirement plan fiduciaries to take ESG factors into
    consideration, as opposed to making decisions solely on returns when
    investing money saved in pensions and retirement plans.

    The veto was blasted by Republicans and the three Democrats who supported
    it, including West Virginia Sen. Joe Manchin, who said the rule “will
    weaken our energy, national and economic security, while jeopardizing the
    hard earned retirement savings of 150 million West Virginians and

    The underlying principle of ESG is that instead of focusing solely on
    profit, investors should take other things into consideration, like a
    company’s environmental impact or perceived social harm.

    It’s mostly Republican critics who warn that it could lower investment
    returns and impact retirement savings, labelling it “woke capitalism.”
    Utah Sen. Mitt Romney on Monday said “Democrats can’t get their radical policies through Congress, so they hope asset managers will do the work
    for them.”

    That was essentially Cox’s argument Tuesday, telling the Fox Business
    hosts the rule allows “for riskier investments because of a political ideology.”

    “We’ve got to get politics out of everything in our lives. It’s just not healthy. Let’s keep politics in politics, let’s get it out of our banking system, let’s get it out of our retirement account, let’s get it out of
    our businesses,” Cox said, a common refrain from the governor.


    ‘Republicans are wrong about Democrats and Democrats are wrong about Republicans,’ Gov. Cox tells students in Tooele

    Biden, explaining his veto, said the bill “would risk your retirement
    savings by making it illegal to consider risk factors MAGA House
    Republicans don’t like.” Cox said that isn’t true.

    “What the president is saying is that fiduciaries, the people who manage
    the money, the retirement accounts of individuals in this country, don’t
    have to worry about the returns that’s making money so that you can
    actually retire, they can focus on these other things,” he told the hosts
    of Fox Business.

    Cox recently signed several ESG-related bills into law, including HB449
    which prohibits companies from coordinating “to intentionally destroy
    certain companies” or industries, according to the bill’s text. He also
    signed SB96, which would require “a public entity to invest public funds
    in accordance with the prudent investor rule” and SB97, a companion bill
    to bar public entities from contracting with companies that “engage in
    certain boycott actions.”

    Those bills “will make that kind of decision making, as it has always
    been, illegal in the state of Utah,” Cox told the Fox Business hosts

    Cox also signed on to a letter alongside the 18 other governors pushing
    back on Biden’s support of ESG. The other states include Alabama, Alaska, Arkansas, Florida, Georgia, Idaho, Iowa, Mississippi, Missouri, Montana, Nebraska, New Hampshire, North Dakota, Oklahoma, South Dakota, Tennessee,
    West Virginia and Wyoming.


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