“Socially responsible” investing (SRI), which incorporates nonfinancial social and ethical criteria, has attracted significant publicity in recent years and sparked interest among some institutional investors, public pension funds, and Social Security reform advocates, particularly in the wake of recent corporate scandals. SRI adherents claim that one of every ten dollars in United States markets is invested using SRI principles. Although those claims are widely disputed, there is no question that public and some private pension programs are being asked to consider if and when they should include social and ideological screens when making investments. Social investing is not an exclusively American phenomenon. It is popular in Britain and Europe, and governments from Malaysia to Sweden to Canada have utilized pension funds to support stock markets or to make loans or create incentives with explicit social goals. Is this trend welcomed or a threat to fiduciary independence and responsibilities? This conference will examine social investing and its public policy implications.