President Biden to review DOL ESG rule

The Biden administration will review a recent US Department of Labor rule that hinders pensions from investing in ESG funds.

Following the election in November, the Department of Labor amended the Employee Retirement Income Security Act to require pensions to put economic interests ahead of “non-pecuniary goals”, a move that was seen as a serious deterrent to ESG investing. President Joe Biden has signed an executive order that will review the Labor Department’s ruling. The review process is expected to take at least 4 weeks.