DOL Urged Not To Collect Climate Risk Data From Pensions

By Al Barbarino (May 13, 2022, 6:45 PM EDT) -- The Securities Industry and Financial Markets Association and the American Bankers Association are among the groups urging the U.S. Department of Labor not to require climate-risk-related reporting from retirement plans and pensions, arguing that the plans already screen for a host of risks and that the reporting would introduce undue costs. 

As the deadline to a February request for information from the DOL approached, SIFMA said in a letter Monday that the department should allow pensions to decide what types of risks warrant their scrutiny, that there is no reason to "disproportionately" collect data about climate risks and that the agency...

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