Mississippi State Treasurer David McRae has joined the movement which aims to stop retirement fund managers from engaging in ESG investment to the “detriment” of the state’s retirees.
In a February 8 announcement, McRae said he was joining more than 100 organizations and elected officials in an effort to “protect retirees from dangerous investment management practices,” by sending a letter to the U.S. House and Senate.
The letter urges Congress to prevent retirement fund managers from engaging in ESG investment if it is deemed to negatively impact retirees’ savings or expose them to additional risks.
“Forcing Americans into ESG investment is not only politically inappropriate, it is also financially irresponsible,” he said.
The announcement follows McRae’s recent decision to call 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 reads. “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.”