Peltola votes in favor of ‘woke’ ESG investing rules to harm Alaska resource development

39
2065

If Alaska’s Rep. Mary Peltola had her way, investment fund managers of America could starve Alaska’s timber, oil, and mining companies of all investments.

Peltola on Tuesday voted against a Congressional Review Act disapproval of a Biden rule that changed the relationship of fund managers to their clients, from being fiscal fiduciaries to being woke investors. The resolution was sponsored by Rep. Andy Barr of Kentucky.

The Congressional Review Act disapproval passed with all Republicans and one Democrat voting for it, and all Democrats voting against it. Peltola stuck with the majority Democrats.

The matter involves what’s called “ESG” rules, which allow fund managers to make investments based on evolving “Environmental, Social, and Governance” preferences — things that make liberals and Democrats happy.

The rules, prior to the Department of Labor changing them late last year — required fund managers to only consider the financial concerns of their clients — not some fast-moving woke target like critical race theory or critical gender theory.

Companies like Goldman Sachs, JPMorgan Chase, Wells Fargo, Citi, and Morgan Stanley, and Bank of America have all said they will no longer invest in drilling in the Arctic. In late 2022, HSBC, Europe’s largest bank, said it would stop investing in all new oil and natural gas plays.

With the Biden rule, the boycott on investing in Alaska could spread like a virus to many other funds held by retirement accounts worth billions of dollars in America.

But a vote could not be taken until the rule, which is now in effect, was finally published in the Federal Registry this year.

The measure has a companion resolution in the Senate, where it’s believed that there is the simple majority required to pass the CRA, with the support of Democrat Sen. Joe Manchin of West Virginia. Both of Alaska’s senators have signed on as co-sponsors to the one tool that Congress has to undo actions of the Administration.

This ESG rule, issued by the Department of Labor, encourages retirement fund managers to insert political bias into their investment decisions, in favor of environmental, social, and corporate governance ideals, rather than profitability. This rule is a slap in the face to the intent of Congress when it passed the Employee Retirement Income Security Act (ERISA) of 1974, which set safeguards for most voluntarily established retirement and health plans in the private sector, as America moved away from defined benefit pensions and into individual retirement accounts.

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39 COMMENTS

  1. Most or all of these woke banking firms also work to harm firearms and ammunition manufacturing and retailing firms, and that is no small part of why the Biden White House works so closely with these ESG bankers. Media firms like Bloomberg lump Smith & Wesson, and Ruger with tobacco firms in every press release and analysis. Congresswoman Peltola has to know that. I do not believe that anyone in Congress can be aligned with the Biden White House and at the same time maintain mainstream Alaskan values. The average Alaskan places a high value on his/her freedom while the average Biden Democrat works every day at taking freedoms away. Main Chance Mary is at home at REI and most Alaskans prefer Cabela’s and Sportsman’s Warehouse, but the implications are much more serious than that comparison suggests! There is no middle ground.

  2. Interesting that MRAK was instrumental in dividing the republican vote so that Mary Peltola was a shoe-in for Alaska’s only congressional seat. Now, you’re pretending to complain about how she votes? Somehow, the phrase “controlled opposition” keeps coming to mind. I don’t really expect you to publish this, just know I’m sharing it with others who get censored too!

    • I’ll be your huckleberry: how, exactly, was this site responsible for dividing votes?

      Again, be specific. Details matter. If all you got is this site wasn’t pro Palin enough, save yourself the embarrassment and don’t reply.

    • SkyTrooper, funny I don’t recall Suzanne doing anything to divide the vote. In fact, I recall nothing but factual reporting coming from her about the candidates and the issues. Perhaps you missed that?

      I suppose if there is a need to blame someone for Mary Mary quite Constitutionally Contrary’s rise to power, it would be painfully obvious that a former half term Governor who played patty cake with Mary during the contest is culpable, and in fact Guilty as Charged.
      Palin is ” Controlled Opposition ” . Whether it was this most recent stab in Alaska’s back or her love fest with Bill Walker, she has a history of screwing Alaska. Repeatedly!

    • Seriously? Your are blaming MRAK?? Typical Liberal comment. Must be SOMEONE’S fault… Yawn

        • his grandad, father and brother lead me to believe different. Not a great track record, many innocent dead between them and if he would have got to the oval office I have doubts that he would have course corrected, but hey I could be wrong.

        • boomer neocon moronic take of the day. lulz I upset a huge fan of mass murderer war criminals sorry greg 😉

    • Where and how? Especially how does a blue state break away from a moderate/ left Congress?

      I’m genuinely curious about this.

  3. BG. Bethel Grifter.
    Mary’s husband won’t be making his fortune in natural resources will he?
    He’ll be focusing on carbon credits ….smart couple.

  4. I suppose Ms. Dear Peltola thinks she will get rich backing the useful idiots. Good luck with that. You know Ms. Pelosi has already cornered that grifting market. But you go, girl. Good luck getting re-elected.

  5. Peltola isn’t dishonest, she’s just dumb. What. Bad vote. A vote that hurts Alaska for sure. For the record, you didn’t see me say her husband wasn’t dishonest.
    Maybe she’s complicit due to her lack of wits.
    What a waste. Only one congressional House Rep and it’s a halfwit.

    • I think I agree with you there, Ginger.
      Like most leftists, their reasoning capability is on par with a pre-schooler. I would bet every dollar the current pResident allows me to keep in my wallet that Peltola thinks there could not possibly be any downside or adverse effects. In her little world, as with any leftist, doing what promotes their leftist ideals is more important than putting other people’s money into investments with the maximum chance of growth.
      .
      Leftists are more than willing to risk your money, your financial future, so they can support whatever feel good, but otherwise meaningless, cause that happens to catch their eye.

  6. Democrats have been trying to get their mitts into working Americans’ pension plans from at least the Clinton years! Looks like they are succeeding. Gotta get the money for their “regime change” wars & “woke” policies from somewhere.

  7. Everytime I see a picture of this Bethel puke, I say to myself,
    .
    “Thank you so much, Sarah Palin. You quit on us again.”

  8. She’s just toeing the party line, it’s not about country with those clowns, it’s about lining their pockets and catering to the woke crowd. Hopefully we can get RCV removed from this state and get back to voting in someone that actually cares about Alaska and it’s people.

  9. If an investment company wants to pursue ESG/Woke/Social Justice goals in their investing, I have zero problem with that.
    I do have a problem when an investment company responsible for 401(k)s or other retirement savings sponsored by your employer want to do it.
    .
    In the first situation, I can choose to move my money to another brokerage/bank. In the second situation, I have no choice but to put my money into it, or I lose the tax deferred benefits. Alternately, i could seek employment elsewhere but what if I like my job?
    .
    Competition is key here. Investing with an ESG philosophy is not going to grow your investment, and has a good possibility of losing it. So if Charles Schwab, Fidelity, or Vanguard choose to go that route, I can move my money. But, if my employer does the same thing, I am screwed.
    .
    The reality is fund managers for retirement funds have an obligation to seek the highest return on investment for their clients. End of story. Letting them virtue signal through ESG is not acceptable.

  10. It appears she’ll have many bright opportunities to vote against constituents interests.

  11. Why don’t we just send a robot to DC and have it programmed to vote for all the liberal bills that come along. It would be cheaper and achieve the same effect. I never thought I would say this, but at least Lisa occasionally bucks the democrats and votes with republicans. It is clear Mary has no such discernment and just does as she is told, eliminating ANY illusion of actual representation for Alaska.

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