Bloomberg Law
Jan. 20, 2021, 10:38 PM

Biden Seeks Review of Trump’s ‘Do-Good’ Investing Rule

Austin R. Ramsey
Austin R. Ramsey

The newly installed Biden administration wants a review of a Labor Department investing rule that took effect earlier this month requiring retirement plan fiduciaries to put financial considerations above all else in their decisions.

The department’s so-called “do-good” investing rule [RIN: 1210-AB95] codified the Trump administration’s position against environmental, social, and corporate governance funds. The rule limited plan fiduciaries to investment decisions based on “pecuniary factors,” or solely the financial interests of plan participants and their retirement benefits.

It followed a flurry of regulations in the final months of former President Donald Trump’s administration reconfiguring fiduciary responsibilities and ...

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