President Biden's Veto Will Protect U.S. Retirement Savings From Undue Restrictions and Confusion
NORTHAMPTON, MA / ACCESSWIRE / March 20, 2023 / Ceres applauds President Joe Biden's decision to veto a House resolution that would have struck dow...
NORTHAMPTON, MA / ACCESSWIRE / March 20, 2023 / Ceres applauds President Joe Biden's decision to veto a House resolution that would have struck down a new U.S. Department of Labor rule that allows retirement plan fiduciaries to consider all financially relevant factors in investment decisions. The rule is a return to neutrality under the Employee Retirement Income Security Act (ERISA) and neither specifically promotes nor discourages consideration of factors such as climate change or governance. The resolution introduced by Representative Andy Barr would have left retirement plans subject to rules established by the previous administration that prohibit retirement fiduciaries from considering certain financial risks and created problematic legal uncertainty for retirement plans.