Despite what Biden tells you this is not good. It changes the rules for the people that manage the investment for millions of people, including many non-sophisticated, low net-worth individuals.
Now, instead of being required to maximize the expected, risk adjusted financial returns, money managers will be allowed to gain Government favor by backing whatever crazy ideas, regardless of the economic value, activists can get Biden to support.
This includes wasting trillions of dollars of investment today to save a much smaller amount in the future.
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