close video Bidens ESG rule is targeting retirement security
The Next Revolution Host Steve Hilton discusses how President Bidens ESG veto will threaten the retirement funds of 152 million Americans on The Bottom Line.
Senator Joe Manchin, D-W.Va., put the Biden administration on blast Monday after President Biden carried through with his promise to veto bipartisan legislation that would have killed a regulation that encourages private retirement plan fiduciaries to consider environment, social and governance (ESG) factors when making investment decisions for over 150 million Americans.
Manchin, who was one of two Senate Democrats to vote with Republicans to nullify the proposed Department of Labor (DOL) rule, issued a heated statement Monday condemning the Biden administration for, in his view, prioritizing politics over securing the best financial returns for Americans. The other was Sen. Jon Tester, D-Mont.
"This Administration continues to prioritize their radical policy agenda over the economic, energy and national security needs of our country, and it is absolutely infuriating," Manchin said.
"West Virginians are under increasing stress as we continue to recover from a once in a generation pandemic, pay the bills amid record inflation, and face the largest land war in Europe since World War II," his statement continued. "The Administration’s unrelenting campaign to advance a radical social and environmental agenda is only exacerbating these challenges."
JOE BIDEN ISSUES FIRST VETO, REJECTING ATTEMPT TO BLOCK ESG EFFORT
Senator Joe Manchin called the Department of Labor’s proposed ESG rule part of President Biden’s “radical policy agenda.” (Kevin Dietsch/Getty Images / Getty Images)
"This ESG rule will weaken our energy, national and economic security while jeopardizing the hard-earned retirement savings of 150 million West Virginians and Americans," Manchin said. "Despite a clear and bipartisan rejection of the rule from Congress, President Biden is choosing to put his Administration’s progressive agenda above the well-being of the American people."
The White House had given Congress notice that Biden intended to veto the nullification resolution after it passed 216-204 in the House and 50-46 in the Senate.
In a statement accompanying his veto, Biden defended the rule, arguing that it allows retirement plan fiduciaries to make "fully informed" investment decisions.
"There is extensive evidence showing that environmental, social, and governance factors can have a material impact on markets, industries, and businesses. But the Republican-led resolution would force retirement managers to ignore these relevant risk factors, disregarding the principles of free markets and jeopardizing the life savings of working families and retirees," the president said.
WHAT IS ESG? INVESTING WITH ENVIRONMENTAL, SOCIAL AND GOVERNANCE IN MIND
President Biden vetoed a congressional resolution that would have nullified his ESG rule, arguing that retirement plan fiduciaries should be able to consider factors such as the “physical risk of climate change” or “poor corporate governance” when ma (AP / AP Newsroom)
Biden argued that retirement plan fiduciaries should be able to consider factors such as the "physical risk of climate change" or "poor corporate governance" when making investment decisions and said this rule will enable them to do so.
ESG standards are increasingly used by investors and asset managers to guide their decision-making.
The environmental factors considered often include how a corporation contributes to pollution or climate change. Social criteria examine a company's relationship with employees, ethics, engagement with nonprofits and stake in the community. Governance considers the corporation's leadership, overall ethics and standards, and it includes the makeup of the board of directors and the recipients of their donations.
Lawmakers opposed to the DOL rule have said ESG standards advance a left-wing political agenda in business and have expressed fears that so-called "woke" corporations and investors will bully firms that do not comply with that agenda. Those in favor of ESG standards, such as Senate Majority Leader Chuck Schumer, D-N.Y., have said if the free market wants to use ESG factors for investing, politicians should not interfere.
DEMOCRAT-LED ESG RULES WILL 'KILL' MAIN STREET, CEO WARNS
Investors are increasingly weighing ESG factors like impact on climate change and commitment to diversity to make their investment decisions. (Michael Nagle/Bloomberg via Getty Images / Getty Images)
"ESG opponents are trying to turn it into a dirty acronym, deploying attacks they have long used for elements of a so-called woke agenda. They call ESG wokeness. They call it a cult. They call it an incursion into free markets," Schumer wrote in an op-ed for The Wall Street Journal earlier this month. "We’ve heard it all before. I say ESG is just common sense."
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With Biden's veto, the nullification resolution heads back to Congress, where two-thirds in both chambers of the legislature are required to override the president's veto. It was the first veto of Biden's presidency, and it does not appear ESG opponents have enough votes to undo it.
Fox News' Kelly Laco and Haley Chi-Sing contributed to this report.
Donald Trump has waded into the debate surrounding Sydney Sweeney’s jeans ad.
The American Eagle ad, which features the 27-year-old actress, who starred in the HBO series Euphoria and White Lotus, has the tagline “Sydney Sweeney has great jeans”.
It has sparked a debate in the US over race and Western beauty standards.
Image: One of the Sydney Sweeney jeans ads. Pic: AP
In a Truth Social post, the US president described it as the “hottest ad out there”.
Hailing Sweeney as a “registered Republican”, he said the jeans are “flying off the shelves”, adding: “Go get ’em Sydney!”
Most of the criticism of the ad has centred on videos using the word “genes” instead of “jeans”, with one in which Sweeney says: “Genes are passed down from parents to offspring, often determining traits like hair colour, personality and even eye colour. My jeans are blue.”
Critics argued the play on words potentially promotes eugenics, a discredited theory that believed humanity could be improved through the selective breeding of certain traits.
But others have defended the ad, saying the critics are reading too much into its message.
The video appeared on American Eagle’s Facebook page and other social media channels, but is not part of the ad campaign.
In a statement on Instagram on Friday, American Eagle Outfitters said the campaign “is and always was about the jeans. Her jeans. Her story. We’ll continue to celebrate how everyone wears their AE jeans with confidence, their way. Great jeans look good on everyone.”
Stocks in American Eagle Outfitters jumped by 23.3% after Mr Trump’s intervention.
Trump clearly couldn’t wait to get involved in the discourse
They say all publicity is good publicity, and Sydney Sweeney’s American Eagle ad is certainly notching up the column inches, especially now Donald Trump has intervened.
The US president must have been breathlessly excited when he found out Sweeney was a registered Republican because he wrote a Truth Social post in support of her before deleting it twice and reposting three times to correct various spelling and grammatical errors.
He clearly could not wait to get involved in the discourse.
“Sydney Sweeney, a registered Republican, has the HOTTEST ad out there,” he wrote. “Go get ’em Sydney!”
In any other era, the president weighing in so heavily on one side of a pop culture issue would’ve been unusual.
But the current president knows people are talking about the ad around their dinner tables and at parties right now. By injecting himself into the discussion, they will now be talking about him too.
In his Truth Social post, which he reposted three times to fix various typos, Mr Trump compared the ad with “woke” ones “on the other side of the ledger” – as he criticised other companies, as well as hitting out at Taylor Swift.
“The tide has seriously turned – Being WOKE is for losers, being Republican is what you want to be,” he wrote.
Sky News has contacted Sweeney’s agent for comment.
The scientist who first raised the alarm over microplastics in the world’s oceans has warned of a “David vs Goliath” battle between scientists and the plastics industry – as delegates begin to negotiate a global deal to reduce plastic pollution.
As United Nations talks begin this week, Professor Richard Thompson, head of the International Marine Litter unit at Plymouth University, said: “We’re seeing some coercion and some pressure being put by some of those that have got conflicts of interest that fear they stand to lose from the treaty progress.”
Representatives of 175 countries will meet in Switzerland today, for what should be a final round of negotiations over a legally binding treaty to reduce plastic pollution.
The United Nations says while some countries are taking action on plastic, pollution is a global problem that needs a global agreement – but there is no official scientific presence at the talks.
Professor Thompson, who is attending the negotiations, said: “We’re only there as observers with a limited capacity to speak, whereas those from the industry have got a massive vested interest. They’re funded to be there. And it’s a bit of a David and Goliath battle.”
Image: Professor Richard Thompson
He continued: “It concerns me that I see some nations that are taking an increasingly short-sighted view, a view that’s perhaps driven by political cycles or short-run profits.
“You know, we need those leaders of countries, those negotiators, to take the long-term view to protect our planet for future generations.”
More than 430 million tonnes of plastic is produced each year.
But according to environmental charity WWF, around 11 million tonnes end up in the ocean each year as pollution.
And that’s expected to rise to 29 million tonnes a year by 2040.
There is wide consensus among countries that plastic pollution is a problem, but they are split over what to do about it.
The UK and more than 70 other nations that are part of a “High Ambition Coalition” want production and consumption of plastic reduced to sustainable levels.
But major oil producing nations and the chemical industry oppose any cuts.
The previous round of talks, in South Korea last year, collapsed in disagreement.
Professor Thompson is a founding member of the Scientists’ Coalition for an Effective Plastics Treaty.
‘Strong treaty’ still possible
He said previous negotiations have been swamped by lobbyists from the chemicals industry putting pressure on delegates – and that if a good agreement cannot be achieved, leading countries should look to work outside the United Nations framework.
Professor Thompson said: “Given that there are more than 100 nations that are already backing the level of ambition that’s required, I think it could be possible to take this out of the UN process, to have a strong treaty that will function to end plastic pollution, to start with those 100 or 120 or so countries and to add others over time.
“I think there’ll be a realisation for those that aren’t on board initially, that if they don’t join forces with that coalition of the willing, they’re going to suffer in terms of their own international trade and that it’s better to be part of that strong treaty than not to be.”
Plastic is so widely used because it’s cheap, durable and can take many forms. So production of new plastic will only fall if better use can be made of the material that already exists.
The company Project Plan B is working with the charity The Salvation Army to recycle polyester textiles.
They’ve installed the first machine of its kind to turn the material into plastic pellets that can be used to make yarn for new clothes.
Just a handful of the pellets is enough to make a T-shirt.
Tim Cross, the director of Project Plan B, said the aim is to make the recycling process a closed loop, so as little as possible escapes as waste or pollution.
“This makes much better use of that plastic,” he said.
Image: Thomas Moore and Tim Cross
“If we’re wasting it and losing it into the environment, that’s a terrible waste, and we mustn’t allow that to happen.”
The UK produces around 700,000 tonnes of textile waste each year. Almost all is landfilled or incinerated.
A major problem is that most clothes are made of mixed materials, which makes it uneconomical to recycle them.
A polyester shirt may have nylon buttons and cotton thread.
But Project Plan B has been working with school uniform maker David Luke on a blazer made completely out of polyester and 100% recyclable.
Image: The Project Plan B recycling plant
“These garments normally last on children’s backs for a couple of years and used as goalposts a few times. And then what?” said Mr Cross.
“We wanted to make sure that we can fully recycle the blazer through the system that we’ve got here, so we had to completely redesign it.
“This is groundbreaking, changing the way that clothing can be made.
“When you’ve got something that is recycled and recyclable, you’ve got an instant solution.”
As riots broke out across the country last summer following the Southport attack, fear spread in a majority Muslim part of Birmingham that far-right protesters were on their way.
Locals came out on to the streets, and as I was reporting live on air, I was surrounded by a small group of masked men, swearing and gesturing to the camera.
Afterwards, as we were trying to drive away from the area, a man with a knife followed us and attempted to slash a tyre on our broadcast van.
Image: The moment Becky Johnson was confronted on camera last summer
A year on, I have returned to the area to discuss what happened with some of those who saw their city descend into chaos.
“The local community had lost faith in the local elected members as well as the local policing units,” says Naeem Yousef, 48, who lives nearby.
“They thought…the only way to protect themselves and the community was by coming out in force.”
‘You can’t control their behaviour’
Tanveer Choudhry, 56, agrees. “In every community we have our sort of, shall we call them… idiots, and you can’t control their behaviour,” he says.
“I think there was a concern that the far-right group that was coming may well be armed… so I think it was just trying to counteract what they thought was coming.”
We are sitting in a cafe, not far from where the unrest broke out last summer.
Image: Masked men surrounded the Sky team during the unrest
‘They were looking for who they thought were the enemy’
The group I’m with were invited by community activist Naveed Sadiq, who was there that day.
As well as Naveed, there are three other local Muslim men, and two white residents, including Gerry Moynihan.
He recalls deciding to stay at home that day.
“They were looking for what they thought were the enemy – white people – and trying to find white people,” he says.
“Which is why I stayed in my house, because the intelligence I had was, don’t get involved, don’t walk around, and you know, it will pass.”
I ask the group if my team and I were targeted because we were white.
Image: Gerry Moynihan says he decided not to leave his home
“It’s not because you’re white, it’s because they’re actually bored,” Naveed says. “They were wanting a bit of excitement.”
I ask if they think it would have happened if we were all British Asian.
“Of course,” Tanveer replies. “It wasn’t the fact that you were white… it was just the heat of the moment”.
Naeem believes it happened simply because the men involved “do not want anyone filming what they’re doing”.
“You could have been Asian… they would still try to get you out of the area,” he insists.
Image: Tanveer believes our team would still have been targeted if we were a different ethnicity
‘Are we going to be accepted?’
I’m keen to understand how these men feel now and whether the sentiment that brought people out on to the streets to “protect” them has been reignited by the recent protests outside hotels housing asylum seekers.
The answer, from Joe Khann, a local Muslim man, would surprise many.
“I would like to go and join them,” he says, referring to the anti-immigration protesters who have gathered several times in Epping.
“We have this problem within our own communities, and people don’t talk about it. We feel exactly the same and we understand how the English feel with the immigration,” he explains.
Image: ‘We feel exactly the same’ on immigration, says Joe Khann
“We’re having people who are getting married back home, they get married for six months, get divorced…and the government gives them all their help to get accommodation, their national insurance numbers and all that,” he says.
“We’re getting fed up within our own community because we hear this constantly.”
However, he thinks if he did try to join in protests, people would “think I’m an immigrant”.
He says he is “born here, 58, and they look at me as a foreigner or a migrant”.
Naeem agrees. “The question is for us now, as people who are born and bred in this country, what is our identity? Who are we?” he asks.
“As a white person born in this country, you are automatically accepted. Are we going to be accepted? How many generations will it take for us to be accepted?”
Image: Naeem (left) says even those born in the UK question their identity
‘You have to blame someone’
Naeem is also concerned about immigration.
“We have an influx of people that we do not know about, and they have no loyalty to the area,” he says.
“I believe that the average white guy… isn’t racist, they’re just fed up,” adds Naveed.
However, these men do have grievances, particularly with the media.
“We feel that we have a two-tier journalists system where when the colour is like mine we get different justice and when the colour is a bit paler it’s different,” Naveed says.
Image: ‘When the colour is like mine we get different justice,’ says Naveed (left)
‘We have become the bogeyman’
“When there’s criminality, and it’s on the news, a Muslim has to be identified by his religion,” Naeem says.
He believes Muslims have become the “bogeyman” in many people’s minds.
“Where you don’t have housing for example, where the crime has increased, you have to blame someone,” he says.
“Prior it was the Irish community, now it’s the Muslim community.
“It’s a distraction from the actual real issues and how you can resolve them but let’s just put it on to the Muslim community for now, let’s just distract the whole nation and say look it’s the problem with asylum, it’s a problem with Muslims,” he says.
After leaving, I head over to the spot on the roundabout where my team were targeted last year.
As I stand there, my colleague sees a man imitating pulling the trigger of a gun at me from his car.