Here’s the dirty little secret about Biden’s new ESG rule: the *draft* rule had a disclosure requirement to retirees if fund manager uses their dollars to advance ESG goals. But the disclosure requirement disappeared in the *final* rule that they adopted: they said disclosure would have a “chilling effect” on the use of ESG. Yet that’s precisely the point. It reveals the fraud at the heart of ESG itself: it’s not just innocently opaque, it’s opaque on purpose.