Another round of infighting is breaking out in the Democrat Party.
That could endanger Joe Biden’s radical agenda.
And Chuck Schumer was furious after a leading Democrat turned on him for this shocking reason.
President Joe Biden quietly targeted retirement accounts as part of his woke agenda.
401(k)s were subjected to environmental, social, and governance standards known as ESG.
ESG investing prioritizes politics over financial returns for the investor by investing in politically favored industries by the Left like green energy.
The Department of Labor announced a rule last year that allowed fiduciaries to consider ESG factors in investing instead of solely focusing on the rate of the return.
Joe Biden is jeopardizing the retirement savings of millions to advance his political agenda.
The ESG rule would alter the Employee Retirement Income Security Act, which covers roughly 152 million Americans.
Congressional Republicans are working to repeal the rule with the Congressional Review Act, which allows Congress to cancel administrative rules put in place by the executive branch.
House Republicans have the votes they need to repeal the rule, so the fight will come down to the Senate.
Despite Senate Republicans being in the minority, a repeal of the ESG rule could pass with the help of a few Democrats.
Sen. Joe Manchin (D-WV) broke with his party again to join 48 Senate Republicans in supporting the rules repeal.
Republicans are working on getting other moderates and vulnerable Democrats up in the 2024 election to join them.
While the GOP is building momentum for an ESG rule repeal, Democrats were hoping that they could flip Joe Manchin.
Senate Majority Leader Chuck Schumer (D-NY) slammed the bipartisan effort to save retirement accounts.
“Hard-Right legislators are up in arms trying to stop investment funds from working with money managers who dare commit the heinous offense of looking at the big picture when making investments, including how climate change and other issues can prevent and present financial risks,” Schumer said.
Manchin famously opposed Biden’s green energy Trojan Horse bill, the Inflation Reduction Act, before he eventually caved and signed off on it.
Now, it appears that the West Virginia Senator is standing firm in his opposition and stepping up his attacks on ESG.
“At a time when our country is already facing economic uncertainty, record inflation and increasing energy costs, it is irresponsible of the Biden administration to jeopardize retirement savings for more than 150 million Americans for purely political purposes,” Machin said.
The Congressional Review Act only needs 51 votes to repeal the ESG rule in the Senate.
If every Republican gets on board, they would need to find at least one more Democrat vote for it to pass.
That would set up a showdown with Joe Biden over the rule.
Biden could veto the repeal but that would be a painful political decision for the unpopular President as he heads into his expected reelection campaign.
Joe Manchin is throwing a monkey wrench in the gears of one of the biggest woke schemes enacted by Joe Biden.
Renewed Right will keep you up-to-date on any developments to this ongoing story.