The problem with billionaire philanthropy (which is what the term 'effective altruism' was intended to replace as part of a rebranding effort) is that it tends to be self-serving and opaque.

E.g. we don't want secretive private 'do-gooder' foundations running global public health programs because they're always incentivized to deliver their funds to the private investment interests of the billionaires in charge, rather than say bidding out contracts in a transparent manner. Similar arguments apply to the educational system, to clean air and water efforts, etc.

The better solution is to (1) increase tax rates on the wealthiest sectors of the economy by restoring 1960s-era tax brackets for income, corporate, and capital gains and (2) change how those funds are spent at the federal and state level, i.e. move away from funding foreign wars and towards fixing all the basic domestic problems.

The reason you want government agencies, not private foundations, in charge of this is that they're subject to public scrutiny, FOIA requests by journalists, etc.

In other words, 'effective altruism' is just another con artist program intended to give legitimacy and cover to the USA's ridiculously greedy, out-of-control and amoral investment capitalism culture.