West Virginia state Treasurer Riley Moore — who has been leading the charge on the state level against environmental, social, and governance (ESG) rules — said America’s managerial class pushing these types of funds is like a form of socialism.
“The managerial class of this country, the elites in, in a paternal sense, much like in socialism, are taking control of our retirement dollars to further political objectives, that from kind of their enlightened globalist view, will save us from ourselves and create a more clean and equitable society,” Moore told Breitbart News.
Moore was alluding to the managerial class of this country pushing ESG when they are investing, having turned it into a form of socialism with a top-down approach, as your money is being used to push a political agenda. But, most importantly, when they lose your money and push an agenda, they still want to collect their fees.
“It is the average citizen who will lose, who will be the loser… because they’ll end up being the collateral damage in all of this,” the West Virginia state treasurer stated. He added that the managerial class “can never lose” because they “hold all the power.”
“The inherent risk in ESG — due to the lack of diversification — has the potential … to really destroy people’s futures and their retirement and to completely break the system,” he acknowledged.
“This is the worst part about this. This is not their money, other people’s money that they’re using to further their own political objectives and ideology. And it’s just the like in socialism, right? It’s a top-down approach — command and control economics. ‘We know better than the rest of you, all serfs, just sit back, hang tight, we’re going to take your dollars and put them to a real good cause that’s going to make your life better.'”
Moore’s interview comes after the Morningstar report revealed sustainable U.S. mutual funds and ETFs (exchange-traded funds) saw a significant hit in last year’s fourth quarter. The report noted that the funds and ETFs bled $6.2 billion in the last quarter of 2022 after seeing an inflow of $10.2 billion in the year’s first quarter. With that, they only netted $3 billion in 2022 to end the year with $286 billion in net assets.
As West Virginia’s state treasurer, Moore has been leading the charge against financial institutions boycotting the fossil fuel industry, which is one of the main components of the ESG standards. This led Moore to blacklist BlackRock, one of the world’s largest asset managers, and other financial institutions pushing the standards and trying to boycott the fossil fuel industry.
In fact, last week, it was announced that the West Virginia Board of Treasury Investments (WVBTI), which he chairs, outperformed the funds run by BlackRock and other firms blacklisted from doing business with the state last year for boycotting the fossil fuel industry.