Just before the holidays, when nobody was paying attention, Trump signed an executive order renewing an assault on shareholder democracy that he first launched back in 2019.

The president has instructed the Securities and Exchange Commission and the Federal Trade Commission to launch separate investigations into the two independent firms that advise mutual funds and pension funds before they vote on proposals at stockholder meetings. The president also instructed the Labor Department to look at tightening the regulations governing these firms and the advice they give.