Two weeks ago, The Algemeiner published an article I wrote highlighting the hypocrisy of the United Church of Christ (UCC).
In 2015, the denomination’s General Synod passed a resolution calling on church entities to divest themselves from companies that profit from the Israeli presence in the West Bank. As it turned out, the denomination’s pension fund, called the Pension Boards, still owns proscribed stocks named in the 2015 resolution.
It didn’t get much attention at the time, but that resolution passed by the UCC’s General Synod had two huge loopholes in it that were lost in the congratulatory fanfare about the resolution’s passage. First, it still allowed for UCC entities to own proscribed stocks, as long as they were lumped together with other securities (“comingled”) as part of an index or mutual fund. Given that a lot of Church investments are in mutual funds, that’s a pretty big loophole.
Second, and even more importantly, pension fund managers have a fiduciary responsibility to manage their funds based on risk and return — and nothing else. This is a legal obligation enshrined in federal law, and trumps any resolution affirmed by the attention-seeking, virtue-signaling junkies that attend the UCC’s General Synod.