GOP Lawmakers Probe White House’s Pro-Labor Pension Initiative

Congressional Republicans are investigating the US Labor Department’s involvement in a White House-convened meeting of pension asset owners who support “strong labor commitments,” a move the lawmakers say is a potential fiduciary duty breach.

Leveraging pension fund assets to “pursue objectives other than investment return” can harm retirement savers, according to the letter Wednesday from Reps. Virginia Foxx (R-N.C.) and Bob Good (R-Va.).

The DOL’s actions as well as the asset owners’ potentially violate the Employee Retirement Income Security Act by benefiting unions at the expense of workers, they said.

Foxx and Good, who chair the House Education and Workforce ...