Retirement Savings is No Place for Playing Politics

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Hello John,

The Trump Administration announced a proposal to better protect your retirement investments. The National Center responded on two fronts, supporting this common sense protection at the governmental level and in the court of public opinion.

Today is the final day for public comment on a rule issued by U.S. Department of Labor that would amend pension regulations to require financial managers “to select investments and investment courses of action based solely on financial considerations relevant to the risk-adjusted economic value of a particular investment or investment course of action.”

Put simply, it means the people overseeing pensions can’t use your retirement nest egg to push a social justice warrior agenda through inherently risky “environmental, social and governance” (ESG) investing.

The National Center’s Free Enterprise Project (FEP) and Project 21 black leadership network each submitted public comments in support of the proposal and even gave the Labor Department guidance on how they could make it better. You can read those comments here and here.

Additionally, leaders from both programs published commentaries you might have already seen in some of your favorite on-line news sources.

Describing the White House’s pension protection proposal in a Breitbart News commentary, FEP Director Justin Danhof, Esq., explained its importance:

The proposed rule reminds private pension fund managers, who fall under the strictures of the Employee Retirement Income Security Act of 1974 (ERISA), that they must act with a singular fiduciary focus – returns on investment for pensioners and beneficiaries...

Ignoring financial risks, liberals push ESG goals because they’ve weaponized the tools for getting corporate America on their side in the culture wars.

Calling this “something extraordinary,” Justin added that the proposed rule is “reminding pension managers that there is a place for politics and a place for sound investment decisions.” And the Labor Department’s action is important “to stem the tide” of potential abuse that can put peoples’ savings at risk.

Focusing on creating and maintaining wealth in the black community, Project 21 Co-Chairman Council Nedd II wrote in an Issues & Insights commentary that “too many black Americans are financially unprepared to retire.” This makes pension funds among the “best bet[s] for black retirement security” by providing a secure means to overcome problems plaguing black Americans such as “economic conditions, distrust of institutions and an overall lack of planning.”

“But pensions can only help if they have proper stewardship,” Council noted. “That’s the aim of the new Trump Administration rule.”

Expect final action by the Labor Department on this important policy initiative before the end of the year.

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The National Center for Public Policy Research is a communications and research foundation supportive of a strong national defense and dedicated to providing free market solutions to today’s public policy problems. We believe that the principles of a free market, individual liberty and personal responsibility provide the greatest hope for meeting the challenges facing America in the 21st century.

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A gift to The National Center will be used to fund critically-important programs not offered by any other group, including:

The Free Enterprise Project (FEP), the liberty movement’s only full-service shareholder and activism group that’s effective in pushing corporate America to the right;
Project 21, the liberty movement’s only public relations agency for black conservatives and libertarians that has already created over 40,000 media opportunities;
The Environment and Enterprise Institute (EEI), which counters misinformation being spread by the environmental left.

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