'What [Biden's ESG rule] does is protect irresponsible investment managers from lawsuits if they ignore companies' profitability & instead allocate investors' & pensioners' assets to companies based on their level of political correctness.' -dcexaminer
President Joe Biden's Labor Department instituted a new environmental, social, and governance, or ESG, rule in May 2021. The rule has been described lazily as an attempt to promote corporate"sustainability." But in fact, what it does is protect irresponsible investment managers from lawsuits if they ignore companies' profitability and instead allocate investors' and pensioners' assets to companies based on their level of political correctness.
Investors can do whatever they want with their own money. But fiduciaries are different. They have responsibilities to the investors and pensioners whose money they manage. They have no business politicizing finance through ESG on someone else's dime.
Take, for example, environmentalism — the"E" of ESG. Witness the political pressure congressional Democrats came under last summer when gas prices reached their peak.
As with the recent Twitter censorship scandal, in which the FBI and certain politicians outrageously outsourced censorship of American citizens to a private company, Democrats are outsourcing the most unpopular parts of their agenda to private companies.
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