The Deparment of Labor declared that financial managers can no longer justify pushing environmentally or socially beneficial investments on the grounds that they are inherently beneficial for shareholders.
At some point California will need to figure out how it is going to cope with having insufficient money set aside to meet its pension promises. That calculus will be much easier if CalPRS doesn’t accept a lower rate of return in exchange for dubious political chits.
Disregarding Puerto Rico’s constitutional requirement to prioritize general obligation debt above other obligations is not a regrettable necessity, as the paper seems to suggest, but a violation of the law.
In an economy where states have been ratcheting up their efforts to attract jobs and boost economic growth, it is time for Wisconsin to examine its current licensing regime and think cogently about which tasks merit licensing.