Millions of Americans spend their lifetime planning, saving, and investing into their 401(k)s with the goal of retiring peacefully, knowing they will be financially stable throughout their golden years.
But with President Biden in the White House, the stability Iowans spent decades working towards is in jeopardy. Americans’ savings are already nearing an all-time low. Retirees are seeing their 401(k)s take a hit due to inflation, and despite spending years of saving and planning, nearly half of retired Americans now believe they will outlive their savings.
To make matters worse, in November, the Biden administration created a new regulation to allow financial institutions to send your retirement money to funds investing in woke corporations and companies driven by environmental and social justice, or what’s known as environmental, social, and corporate governance (ESG) funds. Rather than prioritizing what would make an individual the most money, this rule would allow woke money managers to invest in companies based on their carbon footprint, donations to left-leaning charities, or how many diversity and inclusion trainings they do.
The Employee Retirement Income Security Act previously mandated institutions make decisions solely based on profitability. But Biden’s new rule disregards what’s best for your buck in favor of what’s best for his liberal agenda. And sadly, your retirement account will hurt as a result. These radical ESG funds have higher investment fees with a lower rate of return than their counterparts; you simply will pay more to get less! It might make you broke but at least you’ll be woke, right?
Well, last week, I fought alongside my fellow Republicans in both the House and Senate to challenge the Biden administration’s woke agenda and voted to overturn their erroneous new rule. Even some Democrats agreed with us!
Iowans have seen Biden’s economic policies gobble up our paychecks for dinner, and now, his woke agenda is eating at our 401(k)s for dessert. Enough is enough. The federal government has no business promoting its progressive social agenda over YOUR financial security.
Joni Ernst, a native of Red Oak and a combat veteran, represents Iowa in the United States Senate.