McRae Joins 100+ Groups in Letter Opposing Woke 401(k) Rule
Jackson, MS – State Treasurer David McRae joined more than 100 organizations and elected officials to protect retirees from dangerous investment management practices. Addressed to Congress, the letter urges the U.S. House and Senate to stop retirement fund managers from engaging in Environmental, Social, and Governance (ESG) investment, if it would negatively impact retirees’ savings or expose them to additional risks. The letter comes after the Biden Administration removed these Trump-Pence-era protections.
“Forcing Americans into ESG investment is not only politically inappropriate, it is also financially irresponsible,” wrote McRae alongside conservative thought leaders.
McRae has led efforts to hold financial institutions accountable for risky and unprofitable ESG practices that jeopardize Mississippians’ savings, retirement, and financial security. Most recently, he called on the Public Employee Retirement System (PERS) of Mississippi to reject the ESG agenda and base investment decisions solely on financial performance, rather than woke causes.
“Senator Mike Braun and Representative Andy Barr introduced joint resolutions which would block Biden’s ERISA rule and protect Americans from dangerous investment management practices,” the letter continued. “We, the undersigned organizations and officials, are calling on every member of the United States Congress to support these resolutions and stop Biden’s ideological embezzling of Americans’ retirement accounts.”