Money Talks: Biden's Bold Move to Fund Social Causes with Retirement Funds Says It All (Guest: Phil Kerpen)
Download MP3On today’s episode of Environment & Climate News, H. Sterling Burnett and Phil Kerpen of American Commitment cover the ramifications of Biden’s actions regarding ESG and our financial system. In light of Biden's veto of the Congressional resolution aimed at blocking the Department of Labor's ESG rule, pension fund and portfolio managers now have the option to use their clients' money to support progressive social and political causes. The outcome of this veto, if unchanged, would release fund managers from their fiduciary duty to act solely in their clients' financial interests by prioritizing the promotion of climate change and board room equity over ensuring retirees have adequate funds for their livelihoods. Studies indicate that ESG managed funds and companies perform less favorably in the market compared to politically neutral companies that focus on profit-making.
Creators and Guests
Host
H. Sterling Burnett
H. Sterling Burnett, Ph.D., hosts The Heartland Institute’s Environment and Climate News podcast. Burnett also is the director of Heartland’s Arthur B. Robinson Center on Climate and Environmental Policy, is the editor of Heartland's Climate Change Weekly email, and oversees the production of the monthly newspaper Environment & Climate News. Prior to joining The Heartland Institute in 2014, Burnett worked at the National Center for Policy Analysis for 18 years, ending his tenure there as senior fellow in charge of environmental policy. He has held various positions in professional and public policy organizations within the field. Burnett is a member of the Environment and Natural Resources Task Force in the Texas Comptroller’s e-Texas commission, served as chairman of the board for the Dallas Woods and Water Conservation Club, is a senior fellow at the Texas Public Policy Foundation, works as an academic advisor for Collegians for a Constructive Tomorrow, is an advisory board member to the Cornwall Alliance, and is an advisor for the Energy, Natural Resources and Agricultural Task Force at the American Legislative Exchange Council.
