On Thursday, Sen. Ted Cruz, R-Texas, appeared on “Varney & Co” to discuss how the “politicization” efforts of the Biden administration could potentially affect the investments and retirement plans of Americans.
During the show, Cruz said that President Joe Biden allegedly cares more about “his politics” than people’s retirement.
Last month, Sen. Mike Braun, R-Ind., and Rep. Andy Barr, R-Ky., introduced the bipartisan disapproval resolution, which has so far been backed by all GOP Senators as well as Democratic Sen. Joe Manchin of West Virginia. The resolution is also supported by over 100 organizations.
On Wednesday during a press conference, GOP Senators discussed how the Biden administration’s move regarding the ESG rule was “ironic” as the President had always tried to convince people that he cared about those who were “struggling.” However, Sen. Bill Cassidy, R-La., has pointed out that more people are going to be struggling because of this rule.
As he added, this move essentially “weaponizes their retirement accounts.”
This was reiterated by Cruz on Thursday who said that a lot of American investments could be affected by this. Quoting a Bloomberg article, Cruz said that for the past five years, Global ESG funds have been underperforming, “returning an average of 6.3% a year, compared with 8.9% for broader funds, which means an investor who put $10,000 into an average global ESG fund in 2017 would have $13,573 today, roughly $1,720 less than if they’d put it into a non-ESG portfolio.'”