My wife forwarded me an op-ed piece, criticizing the Biden administration rule change on ESG investments in 401(k) plans. Obviously, the person writing it doesn’t understand how 401(k) plans work.
The ESG rule isn’t licensed theft to pursue a woke agenda, whatever that means. Most 401(k) plans are participant-directed, so the ESG rule will merely allow 401(k) plans to add ESG funds to their fund lineup. It will be up to plan participants to decide whether their account balance should be used for a woke agenda.
I’m not in favor of the ESG rule because I think the main aim is for total return and ESG funds don’t do that. However, I could see nonsense when I read it.