Regulatory Outlook | 01.25.21
Biden Signals Administration Will Review DOL ESG Rule
The Biden administration will review a regulation approved last fall by the Department of Labor (DOL) under the former administration that could curb the use of ESG factors in retirement savings accounts. Hours before President Joseph Biden was inaugurated Wednesday, the Biden transition team released a list of more than 100 Trump-era regulations with an environmental dimension that it intends to revisit. The DOL rule, which amends the investment duties regulation of federal retirement law, requires plan fiduciaries to select investments and strategies based solely on how they will affect the plan’s financial performance.
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