Posts tagged Labor Department’s Employee Benefits Security Administration
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 Under the Biden administration, the Labor Department rescinded the Trump-era rule.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.