Posted BY: William Sullivan
The White House has recently issued a regulation allowing investment fiduciaries, like 401(k) managers, to offer investment options “that consider environmental, social, and governance (ESG) issues, such as climate change and social justice initiatives,” Justin Haskins reports at Fox News.
“Some workers may not notice any changes to their 401(k) and other retirement options over the next year or two,” he continues, “but others will soon find themselves stuck choosing between a short list of ESG-focused investment funds.”
The Biden administration insisting that “good investment decisions should take climate change and other ESG factors into account” creates a massive ethical problem for the financial industry. A 401(k) manager would find incredible difficulty in both restricting plan participants to ESG offerings and acting as a fiduciary on participants’ behalf.
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