Bloomberg Law
Sept. 23, 2019, 7:20 PM

Business Lobby Prods Feds to Finish Investing Strategy Probe

Warren Rojas
Warren Rojas
Senior Reporter

Ironing out President Donald Trump’s requested review of retirement account-related corporate governance ahead of proxy voting season would be wise, the U.S. Chamber of Commerce advised Department of Labor staff.

Trump in April gave the Employee Benefits Security Administration, part of the DOL, six months to investigate whether socially conscious investing strategies breach the fiduciary duty enshrined in the Employee Retirement Income Security Act to put retirement security ahead of politicking. Though the executive order rolled it into Trump’s pro-coal, gas, and oil campaign, advocates have seized on the proxy voting probe as a chance to update broader investment practices. ...