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Former president Donald Trump trumpeted his record of restricting retirement funds from investing in environmental, social and governance-focused assets during his time in office, saying on Friday that people who promoted them were ‘sick.’
‘These poorly performing woke financial scams are radical left garbage that would never be funded on their own and certainly never be funded on their own merits,’ he said in a video obtained exclusively by DailyMail.com.
In the video, he set out his plans to sign an executive order to protect investors’ cash before working with Congress on legislation.
It comes three days after Vivek Ramaswamy launched his campaign for the Republican nomination, staking out some of the same ground.
Ramaswamy made his name as a crusader against ‘woke capitalism.’
Former President Donald Trump on Friday promised to take fresh action to prevent retirement funds from investing in environmental, social and governance-focused assets
He will not be the last candidate to try to muscle in on the populist Trump playbook.
The two-and-a-half-minute video, recorded before Ramaswamy’s announcement shows how the former president’s campaign will rely on the achievements of his time in office to protect his territory.
‘I’m very proud that as president I issued a historic rule banning Wall Street and employers from pouring your 401ks, pensions and retirement accounts into so-called ESG or environmental, social and governance investments, for political reasons … strictly for political reasons,’ he said.
‘These people are sick.’
ESG investing weighs non-financial factors into investment decisions. That could include avoiding firearms manufacturers or fossil fuel companies, for example.
According to accounting firm PwC, more than 20 percent of all managed assets will be in ESG funds by 2026.
The idea has gained traction on Wall Street, but Republicans have condemned financial institutions making decisions according to what they see as a political agenda.
Trump’s rule was overturned by the Biden administration, although that decision faces a challenge in Congress, as Republicans — joined by Democratic Senator Joe Manchin — seek to keep the rule in force.
The former president said he was pleased that Republicans were following his lead.
‘The entire ESG scheme is designed to funnel your retirement money to the maniacs on the radical left the rule we issued under my leadership was the first ESG ban anywhere in the world,’ he said.
‘And I’m delighted that Republicans in Congress and across the country have been waking up to this threat and following my lead.
‘Unfortunately, Joe Biden gutted my ESG rule, and now his Department of Labour has declared that fund managers can play politics with our seniors’ hard earned savings’
Vivek Ramaswamy, author of ‘Woke Inc.’ launched his campaign for the Republican nomination on Tuesday, staking out some of the same ground as Trump.
The video is the latest in ‘Agenda 47’ — a series of policy announcements that forms the first phase of Trump’s campaign.
He used his latest one to rail against Biden and the way struggling stock markets had eaten into 401ks and other savings.
But his main target was ESG investing.
‘He’s trying to use your money to fund fringe left wing causes at your expense,’ he said.
‘You’re paying the price for all of this, and it’s destroying our country.
‘Besides, when I’m back in the White House I will sign an executive order and, with Congress’s support, a law to keep politics away from America’s retirement accounts forever.
‘I will demand that funds invest your money to help you not them.’
He holds the early lead in the race for the Republican nomination but has seen challengers begin to emerge.
Last week his former Ambassador to the United Nations Nikki Haley announced her run from the more traditional conservative wing of the party.
She was followed by Ramaswamy on Tuesday. He came to prominence as the head of the financial firm Strive, which offers funds for investors who believe that companies should put profits ahead of social issues from climate change to racial justice.
He stepped down from the company to pursue his run.
He is a longshot candidate but seems to be gambling on making a similar impact to Trump in 2016, entering the race as an entrepreneur and outsider with unorthodox ideas before making an upset.
