“Current and future retirees can be grateful to President Biden for vetoing the Republicans’ ESG bill today.  By wielding his veto pen, the President has allowed a Labor Department rule to stand, enabling retirement fund managers to take ESG (Environmental, Social, and corporate Governance) into consideration when investing workers’ hard-earned savings.  Such considerations are completely in line with fund managers’ fiduciary duties, which include mitigating risks and maximizing returns. To ignore commonsense ESG factors that could affect investment value puts Americans’ retirement funds at risk.  Republicans sought to limit fund managers’ abilities to weigh those considerations. With billionaires and fossil fuel companies and their allies in Congress on one side and President Biden on the other — it is not difficult to determine who is looking out for American workers and retirees and who isn’t.  We thank President Biden for taking a stand for working people.”  – Max Richtman, President & CEO, NCPSSM




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