Put simply, retirement savings will be used as leverage to force companies to reduce their carbon emissions and establish racial and gender quotas and other social justice fads completely unrelated to securing a high return on workers' lifetime savings.
Socially conscious investing has been around for decades. I have no problem with individual shareholders choosing stocks that comport with their personal values. I have friends, for example, who refuse to invest in Starbucks because the coffee company is fighting unionization by employees. Fine. It’s a free country.
What is insidious about the new Biden administration ESG rules is that they permit and even tacitly encourage portfolio managers at firms such as BlackRock to violate their fiduciary duty to their clients by allowing ESG factors to trump sound investment decisions. Federal regulators are supposed to be ensuring the soundness of retirement funds, not shrinking them.
JoeBiden StephenMoore The Left is determined to use any means they can muster or are available to funnel Americans' hard earned money towards all sorts of pet projects,they claim will benefit the Americans the Dems claim to be working for-that is any American whom they can coerce with narratives that
JoeBiden StephenMoore Easy solution…manage your own money.