Warren Attacks Goldman’s Proposed DOL Retirement Plan Waiver (2)

Sens. Elizabeth Warren (D-Mass.) and Tina Smith (D-Minn.) are calling on the U.S. Labor Department to withdraw a preliminary waiver issued late in the Trump administration that would allow Goldman Sachs to continue managing retirement assets despite a subsidiary’s criminal conviction.

DOL’s Employee Benefits Security Administration proposed Dec. 31 to give the financial behemoth a five-year exemption tied to a Malaysia affiliate’s guilty plea in a global bribery scheme. If finalized, this waiver would essentially let Goldman escape disruption to its 401(k) and pension investment practices as a consequence of that crime.

“Companies that are convicted of or plead guilty ...