Bloomberg Law
March 18, 2021, 8:58 PM

Republicans Rap Labor Department for Spiking Trump ESG Rule

Austin R. Ramsey
Austin R. Ramsey

Republican lawmakers accused the U.S. Department of Labor of bowing to Wall Street interests when it decided earlier this month not to enforce two Trump administration rules curbing environment, social, and corporate governance retirement investing.

The Department’s Employee Benefits Security Administration announced last week that it wouldn’t enforce the Trump-era investment duties or proxy voting rules or pursue enforcement actions against plan fiduciaries who fail to comply with them. Officials said the department would revisit the rules.

In a letter to the Employee Benefits Security Administration Thursday, Republican senators said the department’s non-enforcement policy statement would permit plan fiduciaries to ...

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