Your Retirement Money Is Being Used for Political Games
You’ve worked hard your whole life. You’ve put money away every paycheck.
And right now, someone in a nice suit might be investing it into companies that are designed to lose money – and the government is making sure they can’t be held accountable for it.
JUST IN: An investigation has officially been launched into California’s main public pension fund over their ESG activism 🔥
CalPERS, California’s main public pension fund, is reportedly being investigated by the @EdWorkforceCmte following a bombshell report from… pic.twitter.com/iovBvW6F8R
— Will Hild (@WillHild) February 18, 2026
That’s not a conspiracy theory. That’s federal policy.
What ESG Actually Is
ESG stands for Environmental, Social, and Governance investing.
In plain English, it means fund managers get to pick investments based on political priorities – things like climate change activism, workforce diversity quotas, and labor politics – instead of which companies will actually make you money.
Jeffrey Carter, a Republican candidate for Nevada State Treasurer, has been sounding the alarm on this for years.
He put it straight on X: “As Nevada’s State Treasurer, I will end DEI and ESG virtue signaling, and invest for returns. Not my first rodeo. Been doing that for 40 years.”
Carter is a veteran of the investment world, and he doesn’t mince words.
In a November 2022 article he authored titled “ESG Investing Is a Fraud,” he quoted hedge fund manager and PhD economist Cliff Asness, who wrote in a research paper that ESG investing means “investors will accept less return in return for doing good.”
Less return. That’s code for losing your money on purpose.
Biden Changed the Rules to Protect This
Here’s where it gets worse.
The first Trump administration had put rules in place requiring that retirement fund managers invest based on financial performance – you know, actual results.
That made sense. If you’re managing someone’s 401(k), your job is to grow it.
The Biden Labor Department threw that out the window.
In late 2022, the Biden administration finalized a new rule that gave pension fund managers and retirement plan sponsors nearly unlimited freedom to invest based on ESG factors – and shielded them from legal consequences when those investments tank.
The Wall Street Journal reported on the rule directly.
The Biden Labor Department actually argued that the Trump-era language protecting workers had created a “chilling effect” on ESG investing. In other words, holding fund managers accountable was the problem.
If you can’t be sued for losing people’s money on purpose, why would you stop?
This Hits Closer to Home Than You Think
Think about who manages retirement funds.
Big financial institutions. Union pension plans. Firms like Blackrock that manage trillions of dollars. The bigger the pool of money, the more political influence they carry.
If you’re an average Nevada worker who put money into a pension through your employer or a union, you may have no idea what it’s being invested in.
And thanks to Biden’s rule change, the manager of that fund can now put your money into politically-motivated investments with zero financial justification – and face no legal consequences.
Carter argues this is a fraud with an engraved invitation. When there are no standards, there’s no competency. When there’s no accountability, anything goes.
Nevada Deserves Better
Nevada’s state government manages significant public funds. And the State Treasurer plays a direct role in how those dollars are invested.
If ESG-style thinking creeps into Nevada’s public financial management, it’s taxpayers and public employees who get stuck with the bill.
Carter is running on a simple promise: invest for returns, not politics.
After 40 years in the investment business, he’s seen the games people play with other people’s money. He’s watched the fancy suits dodge accountability while regular people absorb the losses.
The question for Nevada voters is simple.
Do you want a State Treasurer who chases political trends with your money? Or someone who shows up to work every day focused on one thing – making sure Nevada gets the best return on every dollar it invests?
Carter already knows the answer. So do most Nevadans.
The opinions expressed by contributors are their own and do not necessarily represent the views of Nevada News & Views. Digital technology was used in the research, writing, and production of this article. Please verify information and consult additional sources as needed.
