Excerpt: We conclude that state and local pension fund administrators who promote or ignore global warming regulation may be contributing to undesirable economic conditions that will adversely impact the portfolios they manage. Moreover, pension administrators who are promoting global warming regulation appear to be doing so for partisan political purposes. This could be considered a breach of their fiduciary responsibility. We recommend that, unless global warming regulation can be justified as a significant benefit to the broad economy and stock market, state and local pension fund administrators actively oppose it.

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