Fifteen senators warn Biden’s ESG push could empower university activists to ‘weaponize’ Americans’ retirement plans as anti-Israel BDS movement gains traction on campuses
A group of 15 senators says the Biden administration is encouraging left-wing university activists to consider pro-BDS policies in pension investments on behalf of Americans in order to harm Israel.
Republicans, led by Sen. Bill Cassidy, R-Louisiana, warn in a letter to Acting Labor Secretary Julie Su, first obtained by DailyMail.com, that President Biden’s efforts on environmental and social governance (ESG) issues could have more far-reaching consequences than before. famous.
Last year, the Biden administration finalized its ESG rule, which gives asset managers the authority to “prioritize political ideology” when investing in Americans’ retirement plans.
As a result, the senators said, Biden’s policies “will allow activist university trustees to weaponize Americans’ retirement savings to attack Israel and companies that do business with Israel.”
And this could lead to pension plans being “weaponized” and therefore harming Americans’ retirement outcomes.
Sen. Bill Cassidy, R-Louisiana, on Tuesday led a letter, first obtained by DailyMail.com, outlining concerns about a resurgence of the boycott, divestment and sanctions (BDS) movement on college campuses.
Cassidy’s letter on Tuesday warned that universities are now increasingly withdrawing from companies that support Israel.
Top lawmakers are expressing concern about a resurgence of the Boycott, Divestment and Sanctions (BDS) movement on college campuses.
The sole purpose of the BDS movement is to cause economic harm to Israel in any way possible, from boycotting Israeli-owned businesses to refusing to invest in companies associated with Israel.
This is according to Cassidy, ranking member of the Senate Health, Education, Labor and Pensions (HELP) Committee. may allow the “politicization” of pension plans and cause a blow to pension indicators.
“We are deeply concerned that in this climate of unrest, there is likely to be a resurgence of the international Boycott, Divestment and Sanctions (BDS) movement, which will be used to cause economic harm and delegitimize the State of Israel,” the senators wrote.
“Although student government decisions are not binding, supporting these initiatives can create controversy on campus.”
Biden denounced the BDS movement during the 2020 campaign.
His website says: “Biden unequivocally condemned US calls to boycott, divest and impose sanctions on Israel.”
The current administration says it strongly supports Israel in its ongoing quest to defeat Hamas following the deadly Oct. 7 attack that killed more than 1,400 people.
Congress is currently working to advance a proposal to send additional military aid to Israel at Biden’s request.
Following the attack, Israel and Hamas went to war.
And a progressive movement emerged on college campuses in support of Palestine and Gaza, and against Israel. Additionally, many universities reported an increase in anti-Semitic events.
Republicans are warning that President Biden’s efforts on environmental and social governance (ESG) issues could have more far-reaching consequences than previously thought.
The senators point to several similar cases on college campuses across the country.
Arizona State University’s Students for Justice in Palestine (SJP) recently circulated a petition demanding that the university boycott Israel and divest from companies associated with it.
In addition, Vassar College’s SJP chapter staged a walkout after demanding that university officials “boycott” two study abroad programs in Israel and calling for an end to U.S. aid to its most important ally.
“The American people must have confidence that pension investors will not ignore economic objectives or the personal views of beneficiaries to advance their own political agenda,” the senators continued in Tuesday’s letter.
Cassidy was joined by Republican Sens. Susan Collins, Maine, Mike Crapo, Idaho, Roger Wicker, Mississippi, James Risch, Idaho, Ron Johnson, Wisconsin, Thom Tillis, North Carolina, Mike Rounds, South Dakota, Marsha Blackburn, Tennessee, Kevin Cramer , North Dakota, Mike Brown, Indiana, Rick Scott, Florida, Roger Marshall, Kansas, Tommy Tuberville, Alabama, and Katie Britt, Alabama.