ImpactAlpha, Dec. 14 – The Department of Labor is proposing rules to once again green-light managers of pension funds and retirement accounts to consider the environment, social justice, and corporate governance in their investment decisions. The new rules would reverse an effort by the Trump administration to discourage consideration of ESG factors by ERISA fiduciaries, which itself was a reversal of Obama-era guidance.
Thousands of public comments were submitted before the public comment period ended Monday.
Members of the Coalition on Inclusive Economic Growth, led by B Lab and the U.S. Impact Investing Alliance urged policymakers to end the “regulatory game of ping pong” that has caused market confusion with each change of administration. A dozen groups signed on to a separate letter in support of the rules submitted by the Sierra Club and the Americans for Financial Reform Education Fund.