next republican president simply undoes this and dictates that no money can be invested in “woke” companies.
This has the potential to destroy the market. When investment firms have no fiduciary responsibility, investors will pull their money out.
That's a good way to lose money.
You do that...
I’ll control my own retirement investments, thank you very much.
“Allows” = FORCES!!!
Get woke, WE go broke.
The fleecing of pension plans begins!!
I don’t give a s**t about ESG. I want high yields and safety.
It will not be long before the Democrats MANDATE that all civil servant Thrift Savings Plans be invested ONLY IN ESG.
The Thrift Savings Plan (TSP) is similar to a 401K. Civil Servants can put their retirment savings in Stock, Bonds or T Bills. There are a few different Stock market options with varying levels of risk.
I can see the stock market options being changed to a single option that is completely ESG. Everyone will take their funds out of stocks and put it in T Bills immediately. That is a lot of money transferred at the same time. The government will have to limit how much the civil servants can move at a time. There will be a lot of howling.
It will happen, for the next two years or until a Republican becomes president.
Good thing FTX went under or they would all be all over that investment.
More ways to bitcoin your a## by rat donors
More money to the lefties.
Obiously they’re no longer satisfied w/funneling tax dollars to their pet companies, that in turn funnel money back to their campaigns or what not.
Now their going to suck it out of your 401Ks.
So now granny can go woke and go broke, too, whether she likes it or is aware of it or not.
lengthy, but worth reading for those who are unfamiliar with the history of ESG.
2018: Forbes: The Remarkable Rise Of ESG
by Georg Kell
The term ESG was first coined in 2005 in a landmark study entitled “Who Cares Wins.” Today, ESG investing is estimated at over $20 trillion in AUM or around a quarter of all professionally managed assets around the world, and its rapid growth builds on the Socially Responsible Investment (SRI) movement that has been around much longer. But unlike SRI, which is based on ethical and moral criteria and uses mostly negative screens, such as not investing in alcohol, tobacco or firearms, ESG investing is based on the assumption that ESG factors have financial relevance...
The story of ESG investing began in January 2004 when former UN Secretary General Kofi Annan wrote to over 50 CEOs of major financial institutions, inviting them to participate in a joint initiative under the auspices of the UN Global Compact and with the support of the International Finance Corporation (IFC) and the Swiss Government. The goal of the initiative was to find ways to integrate ESG into capital markets. A year later this initiative produced a report entitled “Who Cares Wins,” with Ivo Knoepfel as the author...
Among the many ESG factors that are viewed as having financial relevance are especially those related to climate change. The reason for this is that climate change is no longer a distant threat on the horizon, but one that is here and now, with multi-billion-dollar economic consequences. Many investor initiatives are now pushing for de-carbonization and the Task Force on Climate-related Financial Disclosures (TCFD) has given much impetus for improving risk preparedness and, by implication, de-carbonization actions...
https://www.forbes.com/sites/georgkell/2018/07/11/the-remarkable-rise-of-esg/
About the writer: Georg Kell
I am Chairman of the Board of Arabesque, a technology company that uses AI and big data to assess sustainability performance relevant for investment analysis and decision making. I am also Co-Chairman of the DWS ESG Advisory Board and Speaker of the Volkswagen Sustainability Council.
I am the founding Director of the United Nations Global Compact, the world’s largest corporate sustainability initiative. During my career of almost three decades at the United Nations, working directly with former Secretary Generals Kofi Annan and Ban Ki-moon, I built the UN Global Compact and oversaw the launch if its sister initiatives, including the Principles for Responsible Investing (PRI), the Principles for Responsible Management Education (PRME), and the Sustainable Stock Exchanges (SSE).
I started my career as a research fellow in engineering at the Fraunhofer Institute for Production Technology and Innovation in Berlin. I then worked as a financial analyst in various African and Asian countries before joining the United Nations in 1987. A native of Germany, I hold advanced degrees in economics and engineering from the Technical University of Berlin.
Dems will make it a requirement in the lame duck session. Biden will sign it.
Get woke, go broke!
Isn’t he satisfied with what he’s already done to my 401K?
There go our retirement investments.
Bump