BGOV Bill Analysis: H.R. 2988, ESG Retirement Investing

Private pension plan fiduciaries would have to prioritize achieving maximum returns for beneficiaries over environmental, social, and governance factors when making investment and plan management decisions under H.R. 2988.

The measure is nearly identical to a package from the 118th Congress (H.R. 5339; BGOV Bill Analysis) that combined four Republican bills designed to decouple ESG standards from retirement plan management by codifying restrictions placed on ESG investing during President Donald Trump’s first term. The House passed the package in 2023, but the Senate didn’t consider it.

The bill would target a Biden-era Labor Department rule that ...