Exclusive – Rep. Chip Roy Bill Would Block Federal Retirement Plans from Investing in ESG Climate Scam Funds & More Trending News

 

Rep. Chip Roy (R-TX) proposed laws Friday that will block federal retirement plans from becoming a member of ESG ‘scam’ investing, Breitbart News has realized completely.

Roy and different House Republicans launched the No ESG at TSP Act, which might forestall federal employees who qualify for the Thrift Savings Plan (TSP) retirement plan to speculate in environmental, social, and governance (ESG) investing merchandise.

ESG investing has served as leftists’ newest marketing campaign to push investing in the direction of the local weather change trade and away from the fossil gas trade. ESG investing pushes firms to speculate primarily based on standards referring to racial, ethnic, gender id, sexual orientation, union standing, board members, or whether or not an organization is concerned in the firearms trade. It additionally considers an organization’s political affiliation.

Roy advised Breitbart News TSP permitting ESG investing would allow the federal authorities to weaken America’s vitality resilience and additional woke insurance policies.

“ESG investing is a woke scam. It restricts the free flow of capital, undermines U.S. energy freedom to the benefit of our enemies, and advances woke racial and gender ideologies intent on dividing the republic,” Roy defined. “The upcoming changes to TSP would allow billions of taxpayer dollars to serve these ends. The federal government shouldn’t have any part in this radical nonsense, and especially shouldn’t be using your money to do it.”

Reps. Bob Good (R-VA), Bill Johnson (R-OH), Michael Cloud (R-TX), Louie Gohmert (R-TX), Ted Budd (R-NC), Mary Miller (R-IL), and Bill Posey (R-FL) cosponsored the laws.

The Texas conservative has moved to suggest the laws as TSPO intends to allow ESG investing by permitting 5,000 mutual funds by a brand new “mutual fund window” which can embody ESG funds. TSP manages roughly $817 billion in belongings, making it the most important outlined plan in the world. Opening TSP to ESG investing would enable for billions of taxpayer {dollars}, since federal employees’ investments are sometimes matched by companies, to be allotted to woke firms that adjust to ESG standards.

Roy’s laws would cease this by:

  • Blocking TSP from providing mutual funds, or associated funding autos, that make investments primarily based on ESG standards
  • Preventing TSP from providing funds marketed as ESG funds

As Breitbart News Economics Editor John Carney wrote, ESG is “cancel culture for fossil fuels.” This has led to decrease oil rig manufacturing as oil has reached over $100 per barrel:

These funds shun fossil gas investing. According to Deloitte’s Center for Financial Services, professionally managed belongings with ESG mandates swelled to $46 trillion globally in 2021, representing practically 40 % of all belongings underneath administration. The results of that is that it has grow to be extremely exhausting to lift funds for increasing fossil gas manufacturing. So even oil costs above $100 a barrel are usually not attracting capital into the sector.

“In a recent episode of Bloomberg’s Odd Lots Podcast, Goldman Sachs’ top commodities strategist describes ESG investing as “a blunt instrument that is reducing capital flows into a very critical sector,” Carney added.

Roy_no Esg at Tsp Act by Breitbart News on Scribd

Sean Moran is a congressional reporter for Breitbart News. Follow him on Twitter @SeanMoran3

Exclusive – Rep. Chip Roy Bill Would Block Federal Retirement Plans from Investing in ESG Climate Scam Funds & More Latest News Update

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