Mar 21, 2023
The Biden Administration’s prudence in selecting plan investments and exercising shareholder rights rule allows plan fiduciaries to consider environmental, social, and governance (ESG) factors when selecting retirement plan investments.
As anticipated in the podcast, President Biden vetoed the legislation blocking his administration’s rule regarding ESG and employer-sponsored retirement plan investments. It is not expected that the Senate or House will have the 2/3 majority votes to override such veto. The House, in attempting to override the veto, fell short of the required 2/3 majority required so the rule stands.