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This is CBS High on the World, I'm John Bachelors.

The SEC, the Securities Exchange Commission, Gary Gensler, is the new leader with ideas that are extremely controversial at the same time exciting.

I welcome Professor Richard Epstein, senior fellow at the Hoover Institution, teaches law at NYU and the University of Chicago.

To introduce us to the most recent presentation by the SEC, how reshaping investment according to the regulators in Washington will benefit the whole of the planet, the future of mankind, having to do with the idea of climate change.

This is a set related generally to what is called ESG investing, now a prominent piece of the conversation worldwide about the markets.

Professor, a very good evening to you, Gary Gensler proposes one commissioner who is in a Republican appoint, appointee, Hester Pierce, comments, but at the same time I read from your essay at defining ideas.

There's a major voice here that I ask whom I ask you to address.

This is Larry Fink, the CEO of BlackRock, a billionaire, a man who's much in the news, and he regards challenging global warming as a fundamental reshaping of finance.

So I ask, what is it that Larry Fink sees given his success over the years, and how is it that Gary Gensler putting out a paper, 506 pages, some of which I've skimmed through?

How is it that Gary Gensler believes that by shaping investment, he will change the outcome of the planet? Good evening to you, Richard.

You know, this is a very typical case of wild over ambition. The theory is that when you start giving this information out to all sorts of other people, they will use it in a way which will change what they're going to do.

So let's start with an irony that I don't put in the paper. Suppose it turns out that all you care about is maximizing a profit from a particular investment.

And you think that the global warming thing is overstated or if not overstated, it's all going to rest in the hands of the Chinese because they have the whip hand.

What you do is you read these reports and you say, ah, here's a company which spends relatively little on trying to take care of these environmental issues.

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