Funds that focus on environmental, social, and governance issues are picking up momentum. Inflows in 2020 more than doubled compared to the previous year, with 2021 likely to show more acceleration. Yet to a large degree the success of these and other ESG initiatives hinges not on market conditions, investor demand, or even on legislative action, but instead on the decisions of unelected agency administrators. The regulatory state is the iceberg beneath the surface. Even though unseen, it has the power to scuttle seemingly unassailable vessels.