DEI and ESG in the cross hairs. EBSA (Fed agency monitoring retirement plans) comments at OECD event
100% correct in that both of these are attempts at Marxist takeover of the private sector.
EBSA Addresses Trump Administration's Pension Investing Priorities at OECD Event
September 8, 2025
Remarks delivered by EBSA Senior Policy Advisor Justin Danhof at the OECD Conference Center in Paris.
On behalf of the United States Department of Labor, I want to thank the Organization for Economic Co-operation and Development for hosting the inaugural roundtable on Global Financial Markets here in Paris. The Department of Labor looks forward to engaging with the OECD's 38 member countries to advocate for policies that promote innovation, freedom, and economic opportunity, both in the United States and globally.
The Department of Labor, and more specifically, the Employee Benefits Security Administration (EBSA) assists more than 153 million workers, retirees, and their families covered by employer-sponsored benefits plans. This includes overseeing more than 800,000 private retirement plans, 2.6 million health plans, and 500,000 welfare benefit plans, which collectively hold more than $14 trillion in assets.
It's an honor to join the delegation from the United States – where it's once again morning in America. From sea to shining sea, the sun shines brightly on the American worker. President Trump and the Department of Labor under the leadership of Secretary Chavez-DeRemer and Deputy Secretary Sonderling, are removing regulatory shackles on the American workforce, unleashing economic prosperity, and restoring the proper focus to capital markets – including in the pension space.
In the United States anyone that oversees private pension dollars must act "for the exclusive purpose of . . . providing benefits to participants and beneficiaries."(1) As such, they are duty bound to maximize risk-adjusted financial return to the exclusion of all other pursuits. Our pension system is designed to pursue one social purpose, one normative good—the provision of a secure and prosperous retirement to our workers.
President Trump's Administration considers the well-being of the American worker sacrosanct. And part of their well-being depends on their ability to retire with dignity. To achieve that noble goal, we need a robust pension system that eschews politics and other social purposes. For far too long, special interests and policy organizations have pushed politicized investing, including within pension funds. America is not blameless in this folly. Many American businesses, pensions, and prior Administrations have adopted, and even advocated for these policies. However, because of our clear standards, America's adoption of politically motivated investments has been far less than some other OECD members as evidenced by low rate of such practices in ERISA qualified plans.(2)
In America, the sun is now fully setting on this behavior.
I speak of course of ESG and its companion acronym, DEI. It is appropriate that we discuss ESG at a collaborative international body such as the OECD. That is because, 21 years ago, ESG was born at a different international collaborative body, the United Nations.(3) ESG, like most three-letter acronyms, is meant to obfuscate, not define. In this sense, the UN did a masterful job in construction.
They placed the environment (the "E") up front as it is objectively measurable. Climate change debates are never ending, but there is no doubt that one can measure carbon emissions. Next, they placed the "G" at the end. The governance component gives the framework an aura of credibility. Whether you run a small-town library or a multinational conglomerate, you need good governance structures to succeed. Finally, they stuck the least definable term in the middle, the "S" for social. What is a social good? It's at once everything and nothing since it's in the eye of the beholder. It also happens to be the goal of many ESG proponents – to use the money of others to change society by changing business behavior. To that end, it has been wildly successful and extremely disruptive.
I heard an expression the other day that sounds very simple but has profound implications that helps explain what has been done in the name of ESG: the point of a system is what it does. Let me say that again. The point of a system is what it does. And some systems are meant to corrupt.
And ESG, at its core, looks a lot like a Marxist march through corporate culture. What is the point of Marxism? The complete destruction of capitalism.
Again, the point of a system is what it does.
And when it comes to DEI's implementation through the "S" prong of ESG, diversity and inclusion on their own are treated as normative goods. But they aren't good, they don't produce excellence, and critically, for today's discussion, they are divorced from the social purpose of pension plans, which, again, is to provide all workers with a dignified retirement. It's equity that killed meritocracy leading to corporate mediocracy, which, in turn, sacrifices investment and pension returns, threatening the security of workers' retirement.
And remember Marxism is a slow march through an institution until it isn't. While the United Nations officially coined ESG in 2004, it wasn't until the last five or six years that it has seemed to be everywhere all the time, threatening to fully corrupt capitalism's facilitation of excellence. How many DEI officers existed in large corporations in 2004? About Zero. Now they are legion. How many companies published comprehensive ESG reports in 2004? About Zero. Now almost every large company does and does so annually—to the detriment of risk-adjusted return on investment for everyone, including pension plans.
So, what role has the OECD played in integrating ESG pursuits into the pension systems of our member countries? A massive one. For years, the OECD has been pushing members to politicize their pension systems by integrating ESG factors unmoored from returns. One OECD policy details at length how "to strengthen ESG investing and finance a climate transition."(4) Another one contains extensive "guidelines on the integration of ESG factors in the investment and risk management of pension funds."(5) Even the OECD's "Principles of Corporate Governance" is rife with ESG ideology and integration.(6) It mentions "sustainability" 78 times – more than it references "finance." And far more than the zero times it talks about maximizing risk-adjusted returns.
The United States is no longer going to support these policies, even tacitly.
For human prosperity and flourishing, capital markets need to keep their focus on shareholder primacy – and, correlatively pension funds should be designed with an exclusive purpose of providing benefits to participants and beneficiaries.(7) That's what we are doing now under the leadership of President Trump, Secretary Chavez-DeRemer and Deputy Secretary Sonderling in the United States.
That's because ESG is not just some side-bar political or policy issue. It's about sovereignty and security as well. Authoritarian leaders love when our member nations embrace ESG. Why? Because it lessens your prosperity and makes you less competitive. If America and other OECD member companies hamstring our nations' capital markets and pension systems with superfluous ESG costs, it only serves to benefit authoritarian regimes that do not engage in such frivolity.
That is a suboptimal outcome.
One of the City of Light's most famous sons once wrote that "[t]he greatness of America lies not in being more enlightened than any other nation, but rather in her ability to repair her faults."(8) America faulted with ESG. We are now on the mend.
We invite you to join us.
Replies to: DEI and ESG in the cross hairs. EBSA (Fed agency monitoring retirement plans) comments at OECD event
'In the crosshairs' of maligned people who are blind to reality...
On the topic of DEI...here's an excerpt from the University of Notre Dame's statement on that issue....
-------------------
Advancing Diversity, Equity, and Inclusion at Notre Dame
A Strategic Framework
I. Introduction
Recent events in our nation have led to a national rec koning, to soul-searching and a demand for action with regard to racial and social injustice. The horrific killings of Black Americans, among them George Floyd, Breonna Taylor, and Daunte Wright, as well as hate crimes and acts of violence against others, including Latinos and Asian Americans, have caused many of us to confront the realities of racism and inequality in our nation. There is a widespread sense of urgency to come together, to take meaningful action to achieve a more just and equitable society. Accompanying the urgency is a sense of hope that now is the moment for constructive and lasting change.
These challenges are particularly relevant to the University of Notre Dame because, as a Catholic university, we are committed to defending the dignity of every human person, to promoting a just society in which every person can flourish, and to attending particularly to the needs of the most vulnerable. Through our work of research and teaching, we seek to address racism, inequality, and discrimination. We have a responsibility as the premier Catholic research university in the world to serve church and society in this way and to offer credible witness to true inclusivity. As a community, Notre Dame strives to reflect these values in life on campus and natural extensions of purpose beyond the campus.
The University’s mission statement speaks to these commitments:
The University seeks to cultivate in its students not only an appreciation for the great achievements of human beings, but also a disciplined sensibility to the poverty, injustice, and oppression that burden the lives of so many. The aim is to create a sense of human solidarity and concern for the common good that will bear fruit as learning becomes service to justice…
In all dimensions of the University, Notre Dame pursues its objectives through the formation of an authentic human community graced by the Spirit of Christ.
On our campus, we must examine the ways in which we can better live the ideals we profess.
The Constitutions of the Congregation of Holy Cross—the document that guides the life and ministry of the Holy Cross order that founded Notre Dame—states: “There are networks of privilege, prejudice, and power so commonplace that often neither oppressors nor victims are aware of them. We must be aware and also understanding by reason of fellowship with the impoverished and by reason of patient learning. For the kingdom to come in this world, disciples must have the competence to see and the courage to act.”
These are the ideals that must guide our aspirations for the University and our decision-making. We must fight against racism and all forms of injustice and inequity in our nation and the world. On our campus, we must examine the ways in which we can better live the ideals we profess. We pride ourselves on being a place of community, where all are welcomed and supported. We must acknowledge the ways in which we have fallen short in this regard and strive to become a better version of ourselves.
In the aftermath of the killing of George Floyd last spring, University President Rev. John Jenkins, C.S.C., and his leadership team identified the need—even as they continued to work with a sense of urgency on an array of diversity and inclusion initiatives—to take a step back and evaluate in a more comprehensive way the University’s larger efforts. When our Board chair, Jack Brennan, and Fr. Jenkins constituted this group in August 2020, they gave us the following charge:
[This Task Force] is to assist the University in its efforts to become a more diverse, equitable, and inclusive community. Its specific tasks include reviewing initiatives currently underway and the data available on the campus climate, with a special focus on racial matters and issues affecting underrepresented minority groups and on the particular challenges faced by low socio-economic status (“LSES”) and FirstGeneration students.
In announcing the Task Force, Fr. Jenkins stated:
We have heard from students, alumni, faculty, and staff, and it is clear that there is much to be done. We must improve the experience of our students from underrepresented groups, enhance the diversity of our faculty and staff, and deepen conversations and understanding about race and justice. We must foster greater cultural, racial, and ethnic awareness among all of us, and particularly among the majority— whether defined by race, religion, socio-economic group, or another characteristic—of the experience and voice of those in the minority. We must do this because only in this way can we live up to our Catholic mission, a mission that demands that we respect the dignity of every person, strive to build a community in which everyone can flourish, and show regard for the most vulnerable.
Our Task Force has discussed at length what Notre Dame’s aspirations should be with regard to diversity, equity, and inclusion. During one of our listening sessions, a faculty member captured it well when he offered a beautiful and powerful reflection on the critical difference between welcoming “others” into “our” home as guests, and truly sharing that home as equals. We have returned to this important observation time and time again in the course of our deliberations. While the framework that follows offers a road map for the University’s critical next steps specifically with regard to race and socioeconomic status within the context of the charge we were given, we believe our over-arching aspiration is to act to ensure that EVERY member of the Notre Dame community feels not merely “welcome” here, but rather that this is truly their home.
-------------------------
As regards ESG...196 countries...including China...are taking steps to reduce and ultimately eliminate our dependence on our very finite resources of Fossil Fuels for Heat and Power...both for minimizing the impact on human habitation and for preservation of critical and irreplaceable materials. Sadly, short-term focused, and greedy interests are risking severe impacts on humanity for personal gain. Such efforts must be...and will be...confronted, in the best interests of everyone living on this planet.
Kirk was in the crosshairs of a person blind to reality.
I suppose the shooter felt maligned as well.
Well, Greta Thunberg, Fr. Jenkins is gone. Call me when China kills the thousand coal powerplants.
(no message)
Eh, not so fast, Lance...;-)
I've posted links to China's fast expanding Nuclear Program before, but here's an AI Summary...with "Strategic Motivation" rationale included...
Note that "Critical Thinking" can be learned...especially for someone with the ability to earn a JD degree from Notre Dame's Law School...no time like the present to get started...
---------------------
AI Overview
Based on China's ambitious nuclear power expansion plans, it is not an exaggeration to state that the country has well over 200 nuclear reactors in its development pipeline. This figure includes units that are under construction, awaiting permits, and have been officially announced.
Overview of China's nuclear program
Ambitious targets: China is pursuing the most ambitious nuclear power expansion of any country in the world. In 2019, the China General Nuclear Power Group (CGN) articulated a goal of reaching 200 gigawatts (GW) of nuclear generating capacity by 2035.
Projected fleet: Achieving these capacity targets would require approximately 150 new reactors by 2035, and an eventual goal of 1400 GW by 2100. If all prospective plants are built, China would surpass the United States and have the largest operational nuclear fleet in the world.
Current status: As of late 2024, China had 58 reactors in operation. It is also leading the world in reactors currently under construction, with 27 additional units underway as of December 2024.
Rapid construction pace: China has demonstrated its ability to build new reactors at an exceptionally fast pace. In the past decade, it added the same amount of nuclear capacity as the United States did over 40 years.
Breakdown of the 200+ pipeline
An analysis of China's prospective nuclear capacity from August 2024 offers a recent snapshot of the pipeline.
Announced and pre-construction: While the number of units varies over time, one analysis indicated 166 announced reactors and 43 reactors in the permitting phase, adding up to 209 projects in the planning stages alone.
Under construction: As of late 2024, an additional 27 reactors are currently being built.
Coastal focus: Following a moratorium on inland plants after the 2011 Fukushima disaster, the focus has shifted to constructing new reactors along China's coast. The government recently approved the construction of 11 new coastal reactors in a single State Council meeting in August 2024.
Strategic motivation
China's massive nuclear expansion is driven by several strategic goals:
Energy security: The program aims to meet soaring energy demand and reduce reliance on fossil fuel imports.
Climate change: Nuclear power is a key component of China's plan to reach peak emissions before 2030 and become carbon neutral before 2060.
Technological leadership: China has achieved 100% domestic production of key nuclear equipment and is developing advanced fourth-generation reactor designs. It plans to export its nuclear technology, particularly through its Belt and Road Initiative.
-------------------
You're Welcome...
I saw that Greta's boat got droned the other day.
She is trying her hardest to stay relevant to the Dems.
Someone is not a fan of her Lord Farquaad haircut.
(no message)