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Nov 23, 2022
Trump Barred Retirement Plans From Mixing Wokeness With Profits; Biden Is Reversing That Rule
Trump Barred Retirement Plans From Mixing Wokeness With Profits; Biden Is Reversing That Rule
President Joe Biden's Department of Labor introduced measures to reverse a ban on environmental, social, and governance investing, also known as ESG, among fiduciaries managing retirement funds, a rule that former President Donald Trump established during his final days in office. The agency published a final rule on Tuesday that reflected the Biden administration's directive to safeguard the economy from "climate-related financial risk that may threaten the life savings and pensions of America's workers and families." Under the new rule, fiduciaries are permitted to weigh "the economic effects of climate change and other ESG considerations" as long as such concerns are relevant to a risk-and-return analysis. Employee Benefits Security Administration Acting Assistant Secretary Ali Khawar said last year that the measure, which had been undergoing a public comment period, would "bolster the resilience of workers' retirement savings and pensions by
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