The coalition against Environmental, Social, and Governance (ESG) funds grew in size and stature this week, when Vanguard Group, Inc. withdrew from a global initiative that requires investment companies to commit to decarbonization practices and also terminate coal investments.
The decision by Vanguard, one of America's largest investment advisers, drew praise.
In a Thursday statement, West Virginia State Treasurer Riley Moore said: "This is tremendous news for American consumers and investors and demonstrates we are turning the tide against the woke radicals who are trying to impose their social and environmental agenda on our economy through coercive means.
"Investment managers should act in the best interests of their customers and the maximization of their returns, not according to artificial restrictions drawn up by a cabal of global elites."
Moore added: "Vanguard's decision draws a line in the sand to say they will act in the best interests of their clients, and I hope other firms follow suit."
West Virginia became the latest entity to condemn asset managers mandating ESG investments among companies of varying size.
"These radicals on the left have repeatedly tried and failed to get their green agenda passed through democratic government processes, so they've outsourced its implementation to corporate allies," Moore said. "The ESG movement is nothing but a trojan horse for woke elites to impose their political and social agendas through corporations since they can't implement it through democratic means."
Moore said investment firms must actively combat the ESG movement, which also means pushing back against the White House.
Last month, the Biden administration unveiled a new rule allowing U.S. investment adviser to offer ESG products in their retirement plans — essentially rolling back Trump-era protections against the practice.
This move prompted The Wall Street Journal to wonder if the Biden White House was "playing politics" with Americans' retirement futures.
"ESG advocates remain committed to imposing their will on our economy, so we must remain vigilant in our opposition to this practice," wrote Moore. "My fellow State Treasurers and I will continue to stand up for sound financial principles and against these anti-American attacks on our economic freedoms."
Last week, Newsmax chronicled Point Bridge Capital, a company that invests in Republican values and bears the stock-ticker name of "MAGA."
The MAGA fund has been consistently outperforming ESG funds.
The reported gains were 15% higher than ESG funds, and 13% more than the ESG funds invested in the S&P 500 this year — the same ESG funds the Biden White House would prefer to headline 401(k) investments.
The MAGA fund holds approximately $1.45 billion in assets. Fund founder Hal Lambert attributed much of that success to avoiding the "woke nonsense" and focusing on ideas with long-term growth potential.
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