December 07, 2023

President Biden’s radical agenda is hurting American retirement funds

By Mariannette Miller-Meeks

During his campaign, President Biden made pledges to end fossil fuels and fully committed to promoting the Green New Deal agenda of the far left. Since day one of his administration, he has used the full force of the executive branch to dive headfirst into destructive climate policies. From canceling the Keystone XL pipeline to spending $350 billion on climate change in the so-called Inflation Reduction Act, we have seen a gradual weakening of U.S. energy security that negatively impacts our position on the global stage and the wallets of Americans. Using environmental, social, and corporate governance scores (ESG) to make investments is a way to funnel money into companies that align with President Biden’s radical climate agenda. I stand with Republicans in opposition to ESG-driven investment as we push back on far-left climate plans that have hurt Americans.

President Biden exercised his veto power this week to promote ESG initiatives when investing retirement funds. The vetoed bill would remove a new Labor Department rule that encouraged retirement fiduciaries to consider ESG issues in their investments. This would make it easier for retirement fund managers to direct funds to companies with higher ESG scores. The issue is that many of these companies have a track record of weak performances – a risk that should never be taken with retirement accounts. President Biden has once again chosen to prioritize special interest groups and climate activists to advance his radical agenda. It’s clear who he really represents in office, and that’s not the average hardworking Iowan.

The life savings of Americans should not be used as a political pawn to advance any type of agenda, especially one that ignores their best interests. People are free to invest their own money in companies with high ESG scores if they so choose, but Americans deserve to know that their savings aren’t in jeopardy depending on the political party in power. The Biden administration’s radical environmental and social agenda runs counter to the interests of American citizens who are recovering from a global pandemic and trying to pay bills amid record inflation. Now is not the time to double down on bad policy.

We need to give Americans and companies a clear vision and transparent regulations to make the smartest investments possible. This is particularly important for folks who are nearing retirement and need to know that their money is safe. President Biden’s first use of veto power is one that poses a direct threat to the retirement savings of Americans, which should be invested with one thing in mind – a good return on investment.

I’ll continue to stand with fellow Republicans against the Biden agenda that threatens our energy, financial, and national security.

Mariannette Miller-Meeks currently represents Iowa’s First District in the United States House of Representatives.