Trump Administration ‘Warp Speed’ Bid to Hurt ESG: Green Insight

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Despite widespread objections from the money management industry, President Donald Trump, through the U.S. Department of Labor led by Eugene Scalia, is speeding ahead with a proposal to make it more difficult for fiduciaries of retirement plans to direct money to ESG-focused funds.

The Employee Benefits Security Administration submitted the rule change, called “Financial Factors in Selecting Plan Investments,” to the White House last week. The administration’s stance is that ESG investment strategies sacrifice returns and promote goals unrelated to financial performance. It wants to adjust the Employee ...