On March 20, President Biden vetoed a Republican-led effort to overturn a Department of Labor rule on environmental, social, and governance (ESG) guidelines for retirement accounts. The Department of Labor rule will allow ERISA retirement plan managers to consider various ESG factors when making investment decisions, including corporate policies relating to climate change. Earlier in … Continue Reading
On August 31, 2018, President Trump issued an Executive Order directing the Department of Labor (DOL) and Treasury Department to take action to “promote retirement security for America’s workers” by, among other things, expanding access to Multiple Employer Plans (MEPs). Specifically, within 180 days of the issuance of the Executive Order, DOL must “consider…whether to issue a … Continue Reading
Legislative Activity Congressional Republicans Place DOL’s Fiduciary Rule in Crosshairs Last week, on April 19, just one day after Senate Republicans introduced a resolution to disapprove and nullify the Department of Labor’s (DOL) Fiduciary Rule, House Republicans introduced a companion resolution also targeting the rulemaking. Two days later, on April 21, the House Education and … Continue Reading
Legislative Activity Lawmakers Still Divided on Labor’s Fiduciary Rule With the Department of Labor’s (DOL) Fiduciary Rule now with the Office of Management and Budget and being prepared for release in final form later this spring, last week Speaker of the House Paul Ryan (R-WI) emphasized his opposition to the proposal, noting that he is … Continue Reading
Legislative Activity House Committees Mark-Up Fiduciary Rule Legislation as Senators Introduce Companion Bills With the Department of Labor (DOL) having recently submitted its Fiduciary Rule to the Office of Management and Budget (OMB) – officially beginning the countdown before DOL’s proposal is released in final form – last week, the House Ways and Means and … Continue Reading
Legislative Activity Congress Turns Focus to Puerto Rico Debt Crisis This week, House lawmakers are set to hold a hearing on Puerto Rico’s debt crisis, which is likely to kick off several weeks’ worth of debate on the matter. Importantly, in accordance with House leadership, lawmakers are expected to move legislation addressing the Commonwealth’s fiscal … Continue Reading
