'Scandal arises when fund managers that make investment decisions w/ other people’s savings or pension plans start injecting their political biases into the investment portfolios & choose company stocks they should or shouldn’t buy,' StephenMoore writes.
Biden rejected a bipartisan bill that would have required investment fund managers to take politics out of their investment decisions and to stay focused on providing the best return to their clients as much as possible.Why should you care? Because Biden was, in effect, saying it was permissible for fund managers, who have control of trillions of dollars in pension accounts, to take into consideration a company’s ESG score when they decide where to invest the money.
I try to be a socially conscientious investor myself. I don’t like the politics of Ben and Jerry’s, for example, so I try not to buy their ice cream. But to be honest, I love their ice cream, so sometimes I give in to temptation. The Left tried to stage boycotts against Chick-fil-A because of some of the owner’s social policy views, but the chicken sandwiches are so popular that the crusade failed miserably.
Fund managers, such as Fidelity and Blackrock, that pool their clients’ investment dollars and pick high-performing stocks have what is called a fiduciary duty. They are legally required to get the best return they can. Their duty is not to save the planet.
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