A so-called “do-good” investing rule that restricts environmental, social, and corporate governance funds was released by the U.S. Labor Department after clearing its final White House review.
“This means investment decisions must be based solely on whether they enhance retirement savings regardless of the fiduciaries’ personal preferences,” Deputy Secretary of Labor Patrick Pizzella told reporters on a conference call Friday announcing the rule. DOL posted the final rule on its website.
The measure is one of three major proposals released this summer by DOL’s Employee Benefits Security Administration that affect fiduciary responsibilities and benefits plans focused on ESG funds. Previously, ...