America’s pension plans are struggling to meet their financial targets amid ruinous inflation, compromising the retirement of countless Americans. The Biden administration has responded by doling out massive amounts of taxpayer money to bail out retirement funds mostly run by unions.
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The U.S. Labor Department announced plans to allow pension fund managers to “consider climate change and other environmental, social and governance factors,” also known as ESG, when choosing investments.
In an announcement about the final rule last week, the agency criticized the Trump administration, stating, “the department concluded that two rules issued in 2020 … unnecessarily restrained plan fiduciaries’ ability to weigh environmental, social and governance factors when choosing investments, even when those factors would benefit plan participants financially.”
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