DOL Rule Limiting Socially Conscious Investing Awaits OK

Law360 (October 15, 2020, 8:52 PM EDT) -- The U.S. Department of Labor is about to finalize regulations forbidding retirement plan caretakers from making socially conscious investment decisions unless they can show a financial justification.

The agency sent its socially conscious investing rule to the White House's Office of Management and Budget for final approval on Wednesday, about four months after proposing it.

Finalization would enshrine the Trump administration's position on so-called ESG investing as administrative law, which would be much harder to undo by Democrats than the guidance the administration released in 2018.

Presidential administrations have engaged in "something of a ping-pong match" over ESG investing, a practice...

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