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With the swearing in of each new administration, regulatory changes follow. One of the most recent changes to come from the Biden administration is the Department of Labor's new proposed rule for retirement accounts involving environmental, social, and governance (ESG) funds. The change would block the previous administration's proposed rule that plan fiduciaries can only consider investment-related factors, such as risk and return, when selecting investment options in 401(k)s or other Employee Retirement Income Security Act (or ERISA) plans.
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