President Joseph R. Biden vetoed a resolution by Congress to disapprove the DOL's final rule explicitly allowing ERISA plan fiduciaries to consider environmental, social and governance factors when selecting investments and exercising certain shareholder rights.
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In a Joint Policy Statement, 19 Republican governors committed to preventing the "proliferation of ESG throughout America," which they said is a "direct threat to the American economy, individual economic freedom, and our way of life."
The DOL announced a final rule allowing ERISA plan fiduciaries to consider environmental, social and governance factors when selecting investments and exercising certain shareholder rights.
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.
The DOL will not enforce two rules finalized late last year concerning environmental, social, and governance factors in plan investment decisions and fiduciary duties related to proxy voting and shareholder rights.