A public pension trustee who strikes the diversity and climate language from an investment policy statement this summer is not doing housekeeping. He is making a fiduciary decision, and it needs the same financial justification the board owed when it added that language in the first place. Get the paperwork wrong in either direction, and the exposure is identical.

On July 2, the Department of Labor’s rescission of the disparate-impact provisions in its Title VI regulations took effect, implementing Executive Order 14281. Nineteen days later, the Equal Employment Opportunity Commission voted 2-1 to propose scrapping the EEO-1 report and five companion filings, including the EEO-4 that state and local governments file. Neither action names a pension fund. Both just pulled the floor out from under every public-plan trustee who spent the last five years writing demographic and climate targets into an investment policy statement on the assumption that federal policy would hold the line.

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