Woke Is Broke: Over 100 Conservative Leaders Back Manchin To Fight ESG Legislation (Video)

Written By BlabberBuzz | Tuesday, 07 February 2023 07:25 PM
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Woke Is Broke: Over 100 Conservative Leaders Back Manchin To Fight ESG Legislation (Video)

A coalition of more than a hundred conservative leaders and organizations, spearheaded by Mike Pence's political action committee, have publicly declared their endorsement of Sen.

Mike Braun (R-Ind.) and Rep. Andy Barr's (R-Ky.) resolution to thwart the Biden administration's effort to adopt a "woke capital agenda.".

The previous week, each Republican senator, together with West Virginia Democrat Joe Manchin, proposed a bill intended to annul a Department of Labor guideline that allows retirement plan administrators to consider environmental, social, and governance (ESG) issues in investment determinations. This is viewed as "politicizing" the retirement funds of 152 million Americans by the GOP.

Paul Teller, the Executive Director of Advancing American Freedom (AAF), penned a letter signed by the leaders of over one hundred conservative organizations. In the letter, he implored Congress to rescind Biden's "politically inappropriate" and "financially irresponsible" regulation.

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"According to research from the University of Chicago, mutual funds scoring highly on ESG factors are constantly outperformed by funds rated lowest for ESG," the letter states. "Moreover, 85 percent of the country does not even know what ‘ESG’ is, and therefore would not be aware of the financial risks their retirement account managers are subjecting them to when they actively pursue ESG investment decisions."

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However, The most recent analysis, jointly performed by the universities of UCLA and NYU, concluded that the ESG standards, which are used by investors and asset managers when making decisions, are usually less productive than the general market.

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Pence, a founder of AAF, stressed to Fox News Digital that the Biden administration should stop pushing the woke capital agenda and instead focus on implementing sensible policies that safeguard retired Americans' assets. "The American people deserve accountability for their hard-earned savings and reassurance that the encroaching of ESG is overturned."

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The AAF also revealed its third "Future of Freedom" legislative agenda series, which focuses on ESG and providing Americans with the ability to safeguard their retirement plans.

In an impassioned plea, the letter called upon Congress to employ the Congressional Review Act to annul the regulation issued by the Biden administration. This law necessitates that joint resolutions that are meant to reject the regulation be put to a vote, and if approved by both the House and Senate, the regulation will be annulled. Backers of the resolution anticipate that at least one more Democrat will back it, thus allowing it to be ratified in the Senate.

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The signatories of this letter are urging all representatives of the US Congress to back these resolutions and block Biden's scheme to plunder the retirement savings of Americans.

A variety of conservative groups have combined forces to sign the letter, including Heritage Action, America First Policy Institute, Americans for Prosperity, Americans for Tax Reform, Climate Science Coalition of America, Club for Growth, Fair Energy Foundation, Faith & Freedom Coalition, and the Foundation for Government Accountability.

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