Biden orders DOL to end or revise rules limiting ESG investments
This is one of several directives in a wide-ranging executive order addressing the government's response to climate change.
By Bernice Napach|May 24, 2021 at 10:10 AM|The original version of this story was published on ThinkAdvisor
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President Joe Biden has issued an executive order that among other things directs the secretary of labor “to consider publishing by Sept. 2021” proposed rules to suspend, revise or rescind agency rules that limited investments focused on environmental, social or governance (ESG) factors in retirement plan accounts and limited plan fiduciaries from voting in favor of climate-related shareholder proposals.
Those rules were approved under the Trump administration last October after an unusually short comment period that attracted opposition from many financial firms, including BlackRock, Fidelity Investments, State Street Global Advisors and Vanguard, as well as sustainability advocates like the Grantham Foundation for the Protection of the Environment and the US SIF: Forum for Responsible and Sustainable Investment.
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