Senator Joe Manchin (D-WV) heatedly denounced a failed policy pushed by the Biden administration that would prioritize environmental and social issues over increasing people’s individual wealth.
Manchin is an example of how strongly divided America has become amid this political climate, as politicians are actively working to make sure your retirement account has less money in it.
Washington Examiner reports, in a fiery floor speech on Wednesday, Sen. Joe Manchin (D-WV) attacked the Biden administration.
Manchin, who has often sided with Republicans in opposing Biden’s agenda, criticized a proposal that would require retirement plan managers to consider environmental and social factors when investing. According to the West Virginia senator, the rule focuses on liberal policies rather than increasing people’s wealth.
The November 2022 Department of Labor rule in question allows asset managers to consider factors besides getting the highest rate of return on investments managing retirement funds, allowing companies to prioritize personal political preferences over earning money for their clients.
Those opposed to the rule claim it penalizes fossil fuel companies and allows ideologically driven investments, leaving people unaware of what they own.
The West Virginia Democrat pointed out that countries that prioritize “environmental, social and corporate governance” are having difficulty securing energy, such as the United Kingdom, which has “thrown all environmental concerns out the window to survive, burning everything they can get their hands on to keep from freezing, to keep their economy going.”.”
Joe Manchin’s actions are about to let Joe Biden issue his first VETO.
Politico reports, After moderate Senate Democrats helped Republicans pass a measure that would undo a rule on environmental and social investments, President Biden will soon be able to issue his first veto.
Senator Jon Tester of Montana, a Democrat facing a tough election campaign in 2024, ensured passage of the rollback by announcing his support before the vote on Wednesday afternoon. Democrat Sen. Joe Manchin of West Virginia, who faces reelection next year, also endorsed it.
Biden threatened to veto the rollback, which aims to allow retirement plan managers to incorporate climate and social factors into investment decisions. It’s been criticized as a threat to retirement savers since it would allow political forces to take precedence over returns – which reversed a Trump-era rule discouraging environmentally and socially focused investing.
Tester released a statement on the critical vote saying “At a time when working families are dealing with higher costs, from health care to housing, we need to be focused on ensuring Montanans’ retirement savings are on the strongest footing possible, I’m opposing this Biden Administration rule because I believe it undermines retirement accounts for working Montanans and is wrong for my state.”
Sen. Joe Manchin (D-WV) took to the Senate floor on Wednesday in an incredulous display, lambasting President Biden’s failed attempts to push a liberal policy agenda built upon woke priorities and failed economic policies. In his speech, Manchin highlighted the proposed rule which would allow retirement plan managers to consider environmental and social issues when making investment decisions, stressing that such a move prioritizes an “ultra-liberal” policy agenda over creating wealth for Americans. By supporting failed policies riddled with potential inflationary risks, Joe Biden is all but destroying a robust and stable economy many hoped he could restore. It appears now that his failed attempt of pushing woke ideology may end up hurting working families who were promised a better life when they elected him into office.
Let’s continue this conversation, in the comments below.
