Biden’s ‘Do-Good’ Retirement Investing Rule Prepped for Release

A retirement investment regulation President Joe Biden believes is key to his climate change agenda is closer to release.

The White House regulatory gatekeeper has concluded its review of the rule easing Trump-era restrictions on environmental, social, and corporate governance retirement investing, according to an online posting Monday. That review by the Office of Information and Regulatory Affairs is the last step before a final regulation can be released.

ESG investing is still rare in 401(k)s, but the Biden rule could open up pathways for major environmentally-friendly money managers such as BlackRock Inc. to market new investment options. Still, the ...