Denise and Hunter welcome back American Commitment President Phil Kerpen for a conversation about President Biden’s first veto that will let fund managers put politics over investors. Phil notes: “The Trump-era rule was simple: plan fiduciaries were required to make their investment decisions solely based on “pecuniary factors,” meaning the financial interests of plan participants. Biden’s rule is the opposite: “a final rule that allows plan fiduciaries to consider climate change and other environmental, social and governance factors when they select retirement investments.” He contends: “The unfortunate casualty will be the retirement security of Americans, as their accounts are steered towards companies that have higher ESG scores rather than better financial prospects.”
Newsmakers At Noon 4/17/23
