SEC Commissioner Michael S. Piwowar criticized the Fiduciary Rule in a comment letter submitted to the Department of Labor.
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The Louisiana State Treasury notified one of its advisers that it will liquidate investments with the adviser by the end of 2022 over concerns the adviser's support of ESG policies would be detrimental to the state's economy.
Senator Pat J. Toomey (R-PA) introduced the Retirement Savings Modernization Act, which would make explicit the authority of defined contribution retirement plan fiduciaries to invest in a wide variety of assets, including commodities, digital assets, private equity and real estate.
A three-judge panel of the Fifth Circuit Court of Appeals vacated the DOL fiduciary rule, confirming a March 2018 ruling.
The Department of Labor provided guidance on responsibilities for plan fiduciaries and other stakeholders regarding shareholder rights, written statements of investment policy, and economically targeted investments.