Rep. Bryan Steil to Newsmax: Retirement Funds Weaponized for Politics

Outside pressure is being put on businesses to participate in political actions rather than manage retirement funds, and that must change, Rep. Bryan Steil, R-Wis., told Newsmax on Tuesday.

“When people look at the nation’s largest companies, and they’re frustrated with the decisions they’re making,” Steil told “Wake Up America.” “We’ve got to ask ourselves, why are they doing it in the first place?”

Retirement funds, he added, are “weaponized to drive a political agenda that Democrats can’t win at the ballot box,” and, as a result, companies that are involved must be made public and be held accountable, rather than remaining in the shadows.

“More retirees are putting their funds into passive investments,” Steil said. “You’re giving it to an asset manager, it could be BlackRock, Blackstone, Vanguard, State Street, or you have a pension for a company that you’ve worked for. Someone else is voting those shares for any given vote at a company as that disconnect grows greater.”

And while companies are wanting to invest now based on diversity hires and other liberal agenda items, “you get a whole host of crazy,” Steil said.

“You get a whole host of political ideas, everything that should be at the ballot box, everything they can’t win at the ballot box, they’re trying to drive it through,” he added. “This is why so many Americans are frustrated with the biggest companies in our country.”

The congressman also discussed the growing talk of impeachments of several people in the Biden administration, including President Joe Biden, saying there is still more information coming out this week.

“I think what’s so important for Republicans in the House is that we allow justice to follow the facts,” he said. “That means we have to do a thorough and substantive review of the facts. We’ve made some progress. We got to make lot more progress because a lot of questions are being raised.”

However, Steil said Republicans cannot fall into a trap like the Democrats did, and “move forward with an impeachment proceeding without having the facts.”

“We’ve got to investigate the facts and then allow justice if that’s the case,” he said. “If we see true wrongdoing, then that’s a different ball game.

“All across the Republican Conference there’s absolute support to make sure that we’re doing a thorough and substantive investigation of this administration.”

Care must also be taken to make sure matters do not backfire, according to Steil, because “the worst thing that we could do is allow the Democrats to rally behind the absolutely disastrous presidency of Joe Biden and allow him to get reelected.”


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Source link: https://www.newsmax.com/politics/esg-investing-woke/2023/07/25/id/1128404 by at www.newsmax.com