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 say left-wing college activists are being encouraged by the Biden administration to consider pro-BDS policies when making retirement investments on behalf of Americans to hurt Israel.
Republicans led by Sen. Bill Cassidy, R-La., warn in a letter to acting Secretary of Labor Julie Su, first obtained by DailyMail.com, that President Biden's efforts on environmental and social governance ( ESG) could have more far-reaching consequences than previously known.
Last year, the Biden administration finalized the ESG rule that allows asset managers to “prioritize political ideology” when making investments for Americans' retirement plans.
As a result, the senators say Biden's policies will “empower activist university administrators to weaponize Americans' retirement savings to target Israel and companies that do business with Israel.”
And this could lead to pension plans being “weaponized” and therefore harming Americans' retirement performance.
Sen. Bill Cassidy, R-La., led a letter Tuesday, first obtained by DailyMail.com, expressing concern about the resurgence of the Boycott, Divestment, and Sanctions (BDS) movement on college campuses
Cassidy's letter on Tuesday warns that there is now greater pressure on universities to divest from companies that support Israel.
Key lawmakers are raising concerns about the resurgence of the Boycott, Divestment, and Sanctions (BDS) movement on college campuses.
The sole purpose of the BDS movement is to harm Israel economically in any way possible – from boycotting Israeli-owned companies to refusing to invest in companies linked to Israel.
Cassidy, Ranking Member of the Senate Committee on Health, Education, Labor and Pensions (HELP), says this could lead to pension plans being 'politicized' and deal a blow to pension performance.
“We are deeply concerned that in this environment of unrest, there is likely to be a resurgence of the international Boycott, Divestment and Sanctions (BDS) movement, which will be used to economically harm and delegitimize the State of Israel,” the senators wrote .
“While student government resolutions are not binding, support for these initiatives can lead to division on campus.”
Biden condemned the BDS movement during the 2020 campaign.
His website said: “Biden has been unequivocal in condemning calls in the United States to boycott, divest and sanction Israel.”
The current government insists it strongly supports Israel in its ongoing quest to defeat Hamas after a bloody terror attack on October 7 that killed more than 1,400 people.
Congress is currently working on a proposal to send additional military aid to Israel at Biden's request.
Following the attack, Israel and Hamas are embroiled in war.
And there has been a progressive movement across college campuses in support of Palestine and the citizens of Gaza, and against Israel. In addition, many universities have reported an increase in anti-Semitic events.
Republicans warn that President Biden's efforts on environmental and social governance (ESG) could have more far-reaching consequences than previously known
The senators point to several related cases on college campuses nationwide.
Arizona State University's Students for Justice in Palestine (SJP) chapter recently circulated a petition demanding the university boycott Israel and divest from affiliated companies.
In addition, Vassar College's SJP chapter staged a walkout after demanding the college's leadership to “boycott” two study abroad programs in Israel, while also calling for an end to U.S. aid to its crucial ally.
“The American people must have confidence that pension investors will not override the economic goals or personal views of beneficiaries to pursue their own political agenda,” the senators continued in the letter on Tuesday.
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 Braun , Indiana, Rick Scott, Florida, Roger Marshall, Kansas, Tommy Tuberville, Alabama, and Katie Britt, Alabama.