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."
SEC Commissioner Mark T. Uyeda raised "significant concerns" over the establishment of ESG ratings standards, warning that such standards could give ratings firms too much influence over companies and asset managers who market themselves as ESG compliant.
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.
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.