Magazine July 1, 2021, Issue

Protect Retirees from Woke Pension-Fund Managers

Marty Walsh and Joe Biden in Boston, 2019 (Suzanne Kreiter/The Boston Globe via Getty)
Former labor secretary Eugene Scalia tried to restore fiduciary oversight, but Biden had other ideas

In the 1984 Democratic presidential-primary campaign the front-runner, former vice president Walter Mondale, found himself seriously challenged by the political flavor du jour: Senator Gary Hart of Colorado. To get voters to think twice before abandoning him and jumping to Hart, Mondale, in a debate, used a very popular phrase from a fast-food advertisement. He cleverly asked, “Where’s the beef?” Voters carefully considered the question and realized that Hart was a lot more sizzle than steak, and Mondale comfortably won the nomination.

The current craze over ESG investing championed by some investment advisers has reminded me of the early swooning over

This article appears as “Pension Plans” in the July 1, 2021, print edition of National Review.

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Patrick Pizzella — Mr. Pizzella served as the deputy secretary of labor from 2018 to 2021 and as the assistant secretary of labor for management and administration from 2001 to 2009.

In This Issue

What Is Woke Capitalism?

What Can Be Done?

Books, Arts & Manners


The Week

The Week

Instead of leading the scientific consensus, Anthony Fauci merely stands in front of it, even as it contradicts itself.


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