Her “Accountable Capitalism Act” would wipe out the single greatest legal protection retirees currently enjoy—the requirement that corporate executives and fund managers act as fiduciaries on investors’ behalf. To prevent union bosses, money managers or politicians from raiding pension funds, the 1974 Employee Retirement Income Security Act requires that a fiduciary shall manage a plan “solely in the interest of the participants and beneficiaries . . . for the exclusive purpose of providing benefits to participants and their beneficiaries.” The Securities and Exchange Commission imposes similar requirements on investment advisers, and state laws impose fiduciary responsibility on state-chartered corporations.

I work as a professional investor at a large investment firm. As such I have a fiduciary obligation to act on behalf of those that invest with us. That does include some very wealthy individuals. It also includes billions of dollars in pension funds for teachers across multiple states (and Canada). Our success in investing directly affects hundreds of thousands of teachers ability to retire safely.

Removing that fiduciary obligation and instead telling those teachers that although we’re receiving the money from them, I’m going to give equal weight to the interests of many other outside parties is an extremely concerning plan.

At least her wealth tax idea, although likely destined to be ineffective, would not include the massive collateral damage of this plan.