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The Labor Department's Occupational Safety and Health Administration on Thursday issued a highly anticipated emergency rule that sets workplace safety parameters for employers in the health care sector for the duration of the COVID-19 pandemic.
DOL won’t enforce Trump-era ESG rules
The two rules were among the most heavily contested measures instituted by the DOL under former Secretary Eugene Scalia, with the 401(k) rule drawing nearly 9,000 public comments, most of which opposed it.
March 10, 2021 3 MINS
The Department of Labor will not enforce two controversial Trump-era rules that restricted the use of ESG investments in retirement plans, the agency announced Wednesday.
In a statement, the DOL said that it will take a hands-off approach to the recently passed rules, Financial Factors in Selecting Plan Investments and Fiduciary Duties Regarding Proxy Voting and Shareholder Rights. The first pertains to “pecuniary” considerations when vetting investment options within 401(k)s and other defined-contribution plans, while the latter deals with traditional pension plans’ involvement in environmental, social and governance concerns.