A top GOP lawmaker questioned Tuesday whether a Biden administration proposal to encourage environmental and socially conscious retirement investing would conflict with a Supreme Court ruling that assets must be managed for the financial benefit of retirees.
The Employee Retirement Income Security Act (ERISA) requires retirement plan fiduciaries to act solely in the interests of plan participants to provide benefits, and in 2014 the high court ruled unanimously that means only financial rather than nonfinancial benefits, Rep. Virginia Foxx (R-N.C.), the House Education and Labor Committee’s ranking Republican, said at a subcommittee hearing.
The Department of Labor proposed a ...
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