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Biden Labor Department Will Not Enforce Trump-Era ESG Rule for 401(k)s

Biden Labor Department Will Not Enforce Trump-Era ESG Rule for 401(k)s 10 Mar 2021 President Joe Biden’s Labor Department announced Wednesday that it would not enforce a Trump-era rule that barred 401(k) plans from using political considerations when investing employee funds. The agency said it would hold off on enforcing the rule while it undertakes a review. The rule would have barred employer-provided 401(k) managers from investing employee money in funds pursuing nonfinancial goals as default investments. It also said fund managers who place employee money in funds built around environmental, social, and corporate governance goals known as ESG funds would have to show the returns of those funds would be just as strong as funds focused solely on financial returns.

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DOL Will Not Enforce Final Rules on ESG, Proxy Voting | Chief Investment Officer

DOL Will Not Enforce Final Rules on ESG, Proxy Voting The federal agency will revisit the disputed regulations, enacted in the final days of the Trump administration. The US Department of Labor (DOL) on Wednesday said it will not enforce two widely disputed final rules on proxy voting and environmental, social, and governance (ESG) investing in retirement plans subject to the Employee Retirement Income Security Act (ERISA). The federal agency said it plans to revisit those guidelines, which were enacted in the final days of the Trump administration. The decision comes after an executive order from President Joe Biden, who called on federal agencies to review any existing regulations that go against tackling climate change. Any rules that do not comply with the policy change should be reviewed, the order says.

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DOL Holding Off on Enforcing ESG, Proxy Voting Rules

Until the publication of further guidance, the department says it will not enforce either final rule or pursue enforcement actions against any plan fiduciary for failure to comply.

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Jobless Claims Drop, Fueling Optimism in an Economic Rebound: Live Updates

S&P 500 Hits Record as Optimism About Economy Rises Last Updated This briefing has ended. Follow our latest coverage of By: Ella Koeze·Data delayed at least 15 minutes·Source: FactSet Wall Street’s rally stretched into a third day on Thursday, with the S&P 500 reaching a record high, as investors stopped worrying about inflation and rising interest rates and focused instead on what looks to be an increasingly peppy economic recovery. The S&P 500 rose 1 percent, climbing above its Feb. 12 closing high, while the technology-heavy Nasdaq composite jumped more than 2.5 percent, amid encouraging updates on the rollout of vaccines and reopening of the economy.

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The Labor Department will not enforce two Trump-era rules regulating retirement plans

The Labor Department will not enforce two Trump-era rules regulating retirement plans
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