Thursday, October 21, 2021

DOL Proposing New Regs to Steer 401k's Into Investments with ESG Goals


The only thing for which we can give Biden a passing grade
Is his efforts to our financial security and individual freedoms degrade
Most American know that inflation is the cruelest tax of all
Outpacing wage increases it our ability to buy necessities hinders and stalls
But unknown like the thief who comes in the night
As Christ warned to take one unprepared to one’s last rites
The DOL is proposing new rules for 401k’s

That would require asset managers to send assets to ESG funds’ way
Instead of acting as a fiduciary to insure a pensioner’s greatest return
Into a ESG fund that would enable the fund managers to higher management fees earn
Apples to apples the increased fees could reduce by tens of thousands of dollars to a retiree’s nest egg
Even more dangerous as Social Security and Medicare appear to be on weak funding legs
If a 401k beneficiary wants to put his money in funds that invest in ESG
That’s a right that all of us would support and agree
But if not the case, no worker should be required to invest
Save those in which the fiduciary freed of ESG mandates would do the best
Problem with Biden’s plans to remake America to in the left’s mind better
Is that involves our investment choices, our spending choices and our freedoms being fettered

© October 21, 2021 The Alaskanpoet

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