FOR IMMEDIATE RELEASE
May 21, 2021

Contact:
Tim Kauffman

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[email protected]

Largest Federal Employee Union Applauds Biden Push to Remove Fossil Fuel Securities from Retirement Funds

Categories: Benefits

AFGE says Biden action is good for employees and the environment

WASHINGTON – American Federation of Government Employees National President Everett Kelley today issued the following statement in support of an executive order issued by President Biden that calls for the Federal Retirement Thrift Investment Board to review whether to remove fossil fuel securities from the Thrift Savings Plan as part of a larger assessment of the government’s climate-related financial risks:

“Curbing investments in harmful fossil fuels is not only good for the environment and our planet – it’s good for workers, too.

“According to Blackrock, the world’s largest asset manager, removing fossil fuel securities from the Thrift Savings Plan will have no negative impact on the rate of return federal employees’ get on their retirement savings. This change is an opportunity to take an important step toward addressing our climate emergency and saving our environment with no sacrifice in employees’ retirement savings.  

“That’s why we support President Biden’s call to mitigate the impact of federal agencies’ financial activities on the environment. We also support the RESPOND Act, which would formally establish a process for reviewing and eradicating the financial risks of climate change in the TSP, and look forward to working with Congress on its passage.”

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