Posts tagged Biden ESG rule
Labor secretary nominee defends ESG rule in tense House testimony
June 9, 2023 // Mr. Allen introduced a bill last year with Rep. Andy Barr, R-Ky., similar in scope to a rule finalized late in the Trump administration that said retirement plan fiduciaries could not invest in "non-pecuniary" vehicles that sacrifice investment returns or take on additional risk. Mr. Allen said he's working on reintroducing the bill during this Congress. Under the Biden administration, the Labor Department rescinded the Trump-era rule. On Tuesday, Ali Khawar, principal deputy assistant secretary of the Labor Department's Employee Benefits Security Administration, said the rule is neutral and doesn't require consideration of ESG factors when making an investment decision.
Biden’s first veto backs pension investments in ESG
March 22, 2023 // The House is set to vote Thursday on overriding the veto, which requires a two-thirds vote, or support from 290 members. That outcome is unlikely after the resolution of disapproval first passed the House 216-204 last month. The Labor Department regulation was finalized last year and sought to strike a compromise between financial services companies that wanted clear rules and plan sponsors that did not want to be required to consider environmental, social and governance factors. It reversed a Trump administration policy that made changes to how a 1974 law, known as the Employee Retirement Income Security Act, is implemented.