Last week, Congress passed House Joint Resolution 30, (H.J.Res. 30) a measure that disapproves the “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights” regulation endorsed by Joe Biden’s Department of Labor. This regulation would place leftist Environment, Social, and Governance (ESG) priorities, like climate change, over fiduciary responsibility and duty in the decision-making process utilized by finance professionals. In other words, your hard-earned retirement savings would be pointed towards poorly performing, ideologically driven assets instead of investments that could perform better.
Furthermore, some of the companies in ESG fund portfolios had less-than-stellar compliance records for both labor and environmental metrics according to researchers at Columbia University and the London School of Economics in a paper that was written last May. To say that seniors’ financial retirement security is at risk with ESG investing would be an understatement.
Congress rightly moved to stop this assault on financial freedom by the Biden Administration by passing H.J.Res. 30 which the President is now threatening to veto. Joe Biden campaigned on “uniting the country” while vowing to work with both Democrats and Republicans. This is another opportunity to do so.
AMAC Action launched a campaign calling for our members to directly contact Mr. Biden at the White House to urge him not to veto this bipartisan resolution. The response to our campaign has been enthusiastic and constant with thousands of messages sent to the White House.
Our messages have been received and the White House is responding. In a form letter signed by the President himself, Biden repeats the same pathetic lies about Republicans wanting to cut Medicare and Social Security while boasting about his so-called Inflation Reduction Act. He continues with the narrative of Medicare being able to “negotiate” drug prices which is actually the federal government mandating, or price-fixing, the cost of drugs, something AMAC has long been opposed to.
Unsurprisingly, there is absolutely no mention of ESG investing in his pitiful response, just Democrat talking points that insult the intelligence of everyday mature Americans. Meanwhile, AMAC Action moves forward with amplifying the voice of conservatives on this issue and others of concern to the AMAC membership. You can read the response from President Biden below and send him a message about ESG investing here.
March 8, 2023
Thank you for taking time to write to me. I believe we have a moral responsibility to provide Americans with the support they need to maintain their independence and age with dignity. That’s why I have kept my commitment to stand up for seniors—lowering costs, strengthening Medicare and Social Security, and fighting any efforts to cut these bedrock federal programs.
Last year, I was proud to sign the Inflation Reduction Act into law. For the first time, Medicare is able to negotiate the price of certain high-cost drugs, a month’s supply of insulin for seniors is capped at $35, and seniors’ out of pocket expenses at the pharmacy will be capped at $2,000 a year.
This historic law builds on the progress we have made to improve the lives of seniors across America. Hearing aids can now be bought over-the-counter. Family, community, and nursing home care are improving. In so many ways, our seniors are finally getting a little more breathing room.
But Republicans in Congress are threatening to repeal the Inflation Reduction Act, which would line the pockets of Big Pharma and raise health care costs for seniors. Some Congressional Republicans even proposed putting Medicare and Social Security on the chopping block. I promise you: If anyone tries to cut Social Security or Medicare, I will stop them.
The strength, resilience, and wisdom of older Americans have made our Nation what it is today, and I will do everything in my power to help them thrive.
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I sent my opinion to President Biden about this issue, and all I got back was a form letter confirming his original plan. He did not even consider my opinion or comment on it at all. This Administration is bent on telling us what they are going to do period! What the people want makes no difference to Mr. Biden at all. And the Lefties accused Trump of being a Tyrant!
Joe has no clue that he even signed this letter. Another lie construed by the roaches pulling the strings. He thinks he’s bettering America, but we all know he’s sick and clueless. Everyday It’s a new cluster ~~~~ of wrongs being implemented on the American people, and so frustrating that we’ve been lied to since January 6th.
These Marxist clowns don’t care about seniors or any other group of Americans unless we kiss the Marxists backsides! That response from Biden is a lie and a joke! Marxists really think Americans are stupid! We have to show them we aren’t!
Then they know just what to do with free thinkers. Free thinkers are labeled insurrectionists and jailed. Only takes a few like those from January 6th who are still in jail, with no bail. That is a lesson and deterrent to any others who consider free thinking.
“Investments and Exercising Shareholder Rights” regulation endorsed by Joe Biden’s Department of Labor.” Congress needs to take back the rule making authority of deep state agencies. These rules equate to laws and Congress giving up legislative powers to unelected bureaucrats!
“I believe we have a moral responsibility”
what would a lying, marxist, POS like biden know about moral anything! he wouldn’t know anymore about morality than hitler did!!!
…and you expected what? Something different? Something meaningful?
Joe Biden is a very sick man. And Obambast is a very sick tyrant.
Do you really think Joe put that thing together? It’s the people pulling the strings behind the curtain. It’s much too specific, sentence construction and verbiage too perfect, kinda like a photoshopped picture. It’s the one I received, read, and discarded.
Old joe is not even capable of writing that responce
Why are the dems idiots?
it’s not that they are idiots, they are totalitarians(marxists, communists, socialists, fascists, nazis, etc) which is actually a MENTAL DISEASE. what else can you say about people who want to tell everybody else what to do, how to live their life, in order for them to gain power and wealth. the idea of actually getting a “real job” and doing something productive is completely foreign to them.
They are evil, not idiots. They are very aware of their goals and will not waiver from their mission for power.
What did expect an honest reply of course he will deny everything and it good for the world climate
One somebody handed him is talking points they must’ve forgot to change his depends
What would expect from a Moron! Biden should never have been allowed to be anywhere near the White House let alone the Presidency. God help us if he is elected again, America would be over, and the great experiment of American Democracy would be completely dead.
He actually wasn’t ‘elected’ the first time. It’s called FRAUD.
It’s already pretty close as it is. look how many “useful idiots” keep voting democrat and how many “republicans” are useless as t–s on a bull.
remember, when the Roman empire fell, they didn’t disappear from the face of the earth. today they are called Italians:-)
He was selected not elected to be the puppet president for someone behind the scenes and don’t be surprised if it happens again in 2024. As long as he has a pulse they will allow him to stumble and fumble and mumble his way around while the real powers that be are behind the curtain directing the play.
Behind the curtain is China and Biden is a communist.
Don’t feel bad.
His response to me about our Space Force when I contacted him just after he got illegally and unconstitutionally in was barely 3 sentences and mentioned Space Force only by name in first sentence and nothing else about it.
Then 3 or 4 very short paragraphs of nothing but rambling on about nothing.
Entire response barely half a page on something as important as our Space Force.
With all the other truly elected Presidents I have corresponded with their responses were minimum a Full page or longer.
With President Trump, I had the longest responses in all and he didn’t ramble on about nothing.
It was ALL business and direct responses with President Trump.
Unless I’m missing something, the reason you invest money is to get a return. IE make some money. If your financial institution does not have the fiduciary responsibility to make money for you fire them. Take your money someplace else. You can bet the nation’s unions don’t put their retirement pensions in ESG funds because they’ll end up with nothing. If you want to lose all your money, do it Biden wants you to do invest in climate Justice. If you want to be a normal person and make some money run the other way as fast as you can head as soon as you see ESG
Exactly! People just have to take control of their assets and divert them away from this under-performing scheme known as ESG investing.
remember these people are totalitarians(of whatever stripe you want to label them). they think they are entitled to your money to be controlled(ie, spent) as they see fit.
Their goal is to impoverish the populace so as to insure our dependency on them. Weaken us financially, take away our 2nd amendment so we are defenseless, censor our speech to hinder our ability to communicate with one another, indoctrinate our youth to hate our country and they have succeeded in destroying our nation and fulfilling Obama’s dream to fundamentally change American. Hopefully Jesus will return soon.
Congratulations AMAC. What you received back from the White House was essentially a form letter, that they had Joe Biden sign. He’ll sign anything, if you promise him an ice cream cone. Welcome to the club of millions of Americans, who have spent time and effort to write to our various elected officials (can’t call them our representatives since they don’t actually represent us at the end of the day), only to receive back a form letter that essentially says everything they are doing is right and if you disagree with any of it then you are obviously wrong.
Price caps are not negotiating. The free market response to price controls is typically supply reductions and / or government rationing.
WRT ESG investing I’ll move my money to alternative investments if I detect ESG criteria overriding performance in selection.
Correct on the effect of price caps. What will happen is the drug suppliers will reduce production, because the item is less profitable and redirect their manufacturing efforts elsewhere. Then the federal government will institute rationing, either by lowering what they will pay for something or by changing the criteria for usage, via CMS guidelines, to reflect a lesser supply. That’s how price controls for drugs work in most of Europe. Seems none of the Democrats remember the many failed attempts at price controls in the 1970s and the damage that was done.
As for ESG, you are taking the right approach. Take control of your assets and move them to investments focused on maximizing your returns. Not on this inane virtue signaling nonsense.
Go Brandon is pathetic as it is…
Joeblow and the cabal are scared, as they well should be. Exposure is a biatch.
I signed the AMAC petition and now I’m getting emails from the white house and ol joe. how do I unsubscribe? didn’t see an option and don’t want to be on their email list of propaganda
You should be able to just block it
Same here . . . . I got an email “Reply” from whitehouse.gov
I just marked the form letter as SPAM and let GMAIL filter it to the bit bucket.