This Week in ESG and Impact Investing

The Internal Revenue Service holds a massive trove of sensitive data about American taxpayers that would be of inestimable value to a company operating in the private sector. Protecting it is a matter of national security, writes William Michael Cunningham. Banks and financial institutions should be especially alarmed by the possibility of exploitation of government financial data by the so-called Department of Government Efficiency, or DOGE, led by billionaire Tesla Founder Elon Musk. This isn't merely a regulatory or privacy issue — it strikes at the heart of the financial system that banks depend on for stability and accurate credit assessments. Reliable data is critical for risk management, lending decisions and maintaining consumer confidence. When such data is misappropriated, it can distort market signals and upend established financial practices. At the core of this crisis is a dataset of staggering value. The IRS' comprehensive historical record — encompassing income, ...

To calculate the actual LOSS, NOT SAVINGS generated by DOGE’s elimination of DEI contracts, we must consider the broad economic and social costs associated with racial discrimination in employment, housing, health disparities, entrepreneurship barriers, and overall economic productivity . These factors create hidden costs that far exceed the reported $1 billion in so-called "savings." 1. Economic Impact of Employment Discrimination Wage and Productivity Losses : Racial and gender discrimination in hiring, promotions, and wages reduces earnings and workforce productivity. A 2019 study from Citigroup estimated that racial discrimination cost the U.S. economy $16 trillion over the past two decades . Labor Market Exclusion : Discrimination against Black, Hispanic, Asian, and Indigenous workers reduces overall workforce participation and lowers GDP. Cost of Unemployment and Underemployment : The absence of DEI programs increases bias, making it harder for minorities to access j...