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Democrats currently have an opportunity to swiftly erase much of the damage that Donald Trump’s administration inflicted on workers, consumers, immigrants, the environment, and pretty much every vulnerable group in the country. But this opportunity will not last forever; in fact, the window is closing quickly, and will slam shut by early April. Yet Democrats have shown virtually no interest in seizing the moment. They are, in short, refusing to use one of the most powerful tools they received upon winning control of Congress.
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That tool, the Congressional Review Act (or CRA), is a powerful yet obscure law passed in 1996. It allows a new Congress to roll back the clock on the previous president’s regulatory agenda. Every administration issues new rules on a vast variety of issues the Department of Labor sets overtime standards, the Environmental Protection Agency restricts toxic chemicals, and so on. By favoring large corporations and industries, Trump’s regulatio
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Some retirement plan advisers have cut green investing options from 401(k) plans following Trump s last-minute rule change.
January 27, 2021 3 MINS
The clock is ticking for the Biden administration to nullify Donald Trump’s restrictions on retirement plan fiduciaries, rules by which the Republican sought to limit their ability to direct money into environmental, social and governance funds.
Trump’s Department of Labor moved earlier this month to adjust the Employee Retirement Income Security Act of 1974 (ERISA) to require those overseeing pension and 401(k) plans to always put economic interests ahead of so-called nonpecuniary goals. It was seen as a direct attack on ESG and green investing (though they have become more profitable of late).
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