XPost: alt.politics.economics, sac.politics, talk.politics.guns   
   XPost: utah.general   
   From: esg.terrorism@gmail.com   
      
   FIRST ON FOX: A group of 25 states on Thursday filed a federal lawsuit   
   against the Biden administration, arguing a recent rule allowing   
   retirement plan managers to factor environmental and social issues into   
   investment decisions violated the law.   
      
   The lawsuit — led by Utah Attorney General Sean Reyes and joined by 24   
   other states including Louisiana, Texas and Virginia — challenges a   
   Department of Labor (DOL) rule unveiled in November and which is set to go   
   into effect on Jan. 30. The rule would open the door for fiduciaries to   
   factor so-called environment, social and governance (ESG) considerations   
   into Americans' retirement accounts, an action the states argued could   
   significantly harm the financial interests of customers.   
      
   "The Biden administration is promoting its climate change agenda by   
   putting everyday people’s retirement money at risk," Reyes told FOX   
   Business in a statement. "Americans are already suffering from the current   
   economic downturn."   
      
   "Permitting asset managers to direct hard-working Americans’ money to ESG   
   investments puts trillions of dollars of retirement savings at risk in   
   exchange for someone else’s political agenda," he continued. "We are   
   acting with urgency on this case because this illegal rule is set to take   
   effect next week. It must be stopped."   
      
   REPUBLICAN STATES ARE PLANNING AN ALL-OUT ASSAULT ON WOKE BANKS: 'WE WON’T   
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   The two dozen states filed the challenge in a federal district court in   
   Texas and asked the court for a preliminary injunction to prevent the DOL   
   from implementing the rule until a ruling had been issued in the case.   
      
   In the lawsuit, the states allege that the DOL violated the Employee   
   Retirement Income Security Act (ERISA) of 1974. The law safeguards the   
   retirement income of 152 million U.S. workers, equivalent to more than   
   two-thirds of the nation's adult population, and covers roughly $12   
   trillion in assets.   
      
   LOUISIANA DIVESTS FROM BLACKROCK OVER ESG POLICIES: 'WOULD DESTROY   
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   The states noted that ERISA requires retirement plan assets to be held for   
   the exclusive purpose of providing benefits to participants in the plan   
   and that the fiduciaries must act solely in the interest of said   
   participants. The Supreme Court has previously ruled that such "benefits"   
   are defined as "financial benefits."   
      
   After announcing the rule on Nov. 22, Labor Secretary Marty Walsh said the   
   move would "help plan participants make the most of their retirement   
   benefits." DOL Assistant Secretary for Employee Benefits Security Lisa   
   Gomez added that climate change and ESG factors were important for   
   investors.   
      
   "This is about protecting retirees in Louisiana and the rest of the   
   country," Louisiana Attorney General Jeff Landry told FOX Business.   
   "Investments should be made using sound economic principles, not woke   
   policies. These firms have a responsibility to invest with their client's   
   best financial interests in mind rather than Biden’s disastrous agenda."   
      
   Liberty Energy CEO Chris Wright, a private plaintiff in the case, added   
   that his company was suing because the regulation "makes it harder to   
   protect our workers’ retirement security and impedes investing in our   
   industry and its ability to provide reliable and affordable energy to our   
   communities."   
      
   "This rule is an affront to every American concerned about their   
   retirement account," Texas Attorney General Ken Paxton said in a statement   
   to FOX Business. "The fact that the Biden Administration is now opting to   
   risk the financial security of working-class Americans to advance a woke   
   political agenda is insulting and illegal."   
      
   "For generations, federal law has required that fiduciaries place their   
   clients’ financial interests at the forefront, and I intend to fight the   
   Biden Administration in court to ensure that they cannot put hard-working   
   Americans’ retirement savings at risk," he added   
      
   TEXAS SUBPOENAS BLACKROCK FOR DOCUMENTS RELATED TO ESG PUSH   
      
   Over the past few years, massive asset managers and financial institutions   
   have increasingly focused on prioritizing ESG factors when making key   
   investment decisions. They have particularly set their sights on investing   
   in companies based on those companies' efforts to combat climate change   
   and curb their carbon footprints.   
      
   Companies like BlackRock, State Street and Vanguard, which collectively   
   manage trillions of dollars in assets, have taken lead roles in the ESG   
   movement.   
      
   In response to the growing movement, Republican state attorneys general   
   and financial officers have fought back, canceling contracts with the   
   firms and threatening legal action over how they handle customers'   
   investments.   
      
   "Everyday Americans are having their investment dollars used against them   
   as those in power favor a political agenda over financial returns," Derek   
   Kreifels, CEO of the State Financial Officers Foundation, a group that has   
   organized state and local opposition to the ESG movement, told FOX   
   Business. "It is the actions like that of these attorneys general that   
   will ensure Americans are safe from activist-investors and progressive   
   elites who would rather focus on politics than upholding their fiduciary   
   duty."   
      
   "Leaders at the state level, from treasurers to attorneys general, are   
   sending a message to Wall Street and the administrative state that we will   
   refuse to allow the American people to be taken advantage of and we will   
   continue to fight to ensure their hard-earned dollars aren’t being used to   
   push an agenda that runs counter to our values," Kreifels said.   
      
   Will Hild, executive director of consumer group Consumers’ Research, also   
   applauded the challenge, saying it was a significant action against the   
   "left’s woke agenda."   
      
   "Attorney General Reyes is leading the way, highlighting how dangerous ESG   
   is and why it is important for the states to stop [BlackRock CEO] Larry   
   Fink and his ESG elitist friends from playing politics with the   
   investments and retirements of hard-working Americans," Hild told FOX   
   Business.   
      
   "As America’s oldest consumer protection agency, we will continue to   
   support state officials in their efforts to protect the American people   
   from the dangers of ESG and companies that are choosing politics over   
   profits."   
      
   In addition to Utah, Alabama, Alaska, Arkansas, Florida, Georgia, Idaho,   
   Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri,   
   Montana, Nebraska, New Hampshire, North Dakota, Ohio, South Carolina,   
   Tennessee, Texas, Virginia, West Virginia and Wyoming all joined the   
   lawsuit against the administration.   
      
   The Department of Labor didn't immediately respond to a request for   
   comment.   
      
   https://www.foxbusiness.com/politics/25-states-hit-biden-admin-lawsuit-   
   climate-action-targeting-americans-retirement-savings   
      
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