A new effort launched by the State Financial Officers Foundation is pushing back on the use of public pension funds to finance ESG (environmental, social, and governance) initiatives that further political agendas.
The organization announced Tuesday that it was launching the Public Fiduciary Network to raise awareness about how the funds are being spent, and said that currently, about 5,000 state and local pension funds nationwide control trillions of dollars in assets, reports Daily Wire.
"Our goal is to provide education and resources for them to understand the scope of the problem in the financial industry, the level of politicization of these funds, and to understand very clear ways that they can protect the fiduciary duty with respect to how they're managing and overseeing these pension funds," State Financial Officers Foundation Executive Director Noah Wall said.
Wall added his organization hopes to recruit partners nationwide.
"It's a 50-state issue," he said. “It's not a red state or blue state problem. This is a national issue.
"We're going be recruiting everyone down to the county commissioners that oversee local pension boards."
Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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