The Trump Administration is proposing two major actions to add political balance to the stock market environment.
First, labor secretary Eugene Scalia is reforming pensions—looking at what are called “Environmental Social Governance Funds.” They purport to be about better investing, but in reality they are a clever way to advance a progressive ideology. Secretary Scalia wants to refocus pension funds so that they actually fund pensions—and not pander to climate change activists.
Second, the SEC is going after shareholder advisory services—where annual meetings include opaque votes on issues shareholders know nothing about. The bias—no surprise—is to the left. Now they’ll be required to disclose their recommendations to public companies and publicize the companies’ responses.
The new rules are a serious challenge to the dominance of progressive partisans in the world of finance.
It’s a welcome pushback from the Trump administration all Americans ought to support.Read More »