{"id":1748874,"date":"2022-11-23T06:05:12","date_gmt":"2022-11-23T11:05:12","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1748874"},"modified":"2022-11-23T07:18:25","modified_gmt":"2022-11-23T12:18:25","slug":"biden-admin-clears-way-for-esg-in-401ks","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-clears-way-for-esg-in-401ks\/","title":{"rendered":"Biden Admin Clears Way for ESG in 401(k)s"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-admin-clears-way-for-esg-in-401ks%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1748874&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/11\/90-110\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<div class=\"RichTextArticleBody\">\n<div class=\"RichTextArticleBody-body\">\n<p><span class=\"ArticlePage-articleBody-firstLetter\">T<\/span>he <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/department-of-labor\" target=\"_blank\" rel=\"noopener\">Labor Department<\/a> cleared the path for employers to consider environmental, social, and governance principles when choosing <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/esg\" target=\"_blank\" rel=\"noopener\">investment<\/a> funds for their 401(k) plans. <\/p>\n<p>The move, which was announced on Tuesday, rolls back restrictions put in place during the Trump administration that made <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/esg\">ESG<\/a> considerations more challenging for employers. The final rule on the matter will take effect in 60 days. <\/p>\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\"><\/div>\n<\/p><\/div>\n<p><b><a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/restoring-america\/faith-freedom-self-reliance\/gop-esg-2024-campaign\" target=\"_blank\" rel=\"noopener\">REPUBLICANS AIM TO TURN ESG INTO 2024 LIABILITY FOR DEMOCRATS<\/a><\/b> <\/p>\n<p>The change is part of a broader push in favor of the ESG movement that has pleased Democrats and earned derision from Republicans. <\/p>\n<p>The previous restrictions \u201cunnecessarily restrained\u201d plan fiduciaries\u2019 ability to weigh ESG factors when picking investments, even when those factors would benefit plan participants financially, the Labor Department said in a news release. <\/p>\n<p>\u201cToday\u2019s rule clarifies that retirement plan fiduciaries can take into account the potential financial benefits of investing in companies committed to positive environmental, social, and governance actions as they help plan participants make the most of their retirement benefits,\u201d Labor Secretary Marty Walsh said. <\/p>\n<p>\u201cRemoving the prior administration\u2019s restrictions on plan fiduciaries will help America\u2019s workers and their families as they save for a secure retirement,\u201d he added. <\/p>\n<p>The change is welcome news for those involved in pushing for ESG investing, which includes major financial institutions such as BlackRock. Other agencies, including the Securities and Exchange Commission, have also pitched rules aimed at expanding the ESG movement. <\/p>\n<p>For instance, the SEC proposed a rule to compel companies to disclose climate-related risks, a policy that would lead to indirect pressure on the private sector to turn away from fossil fuels and reduce carbon emissions. <\/p>\n<p>Republicans have been fighting against the growing wave of ESG investing. They contend that the concept runs counter to the most fundamental tenet of investing, which is to return value. Opponents of ESG contend that it uses finance as a vehicle to achieve political ends rather than simply making the biggest gains possible. <\/p>\n<p>BlackRock has been the biggest target in the GOP crusade against ESG. Earlier this month, South Carolina Treasurer Curtis Loftis\u2019s office confirmed it will be divesting <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/restoring-america\/faith-freedom-self-reliance\/louisiana-blackrock-divestment\" target=\"_blank\" rel=\"noopener\">all its BlackRock holdings<\/a>. Several other states also divested from the firm. <\/p>\n<p><b><a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noopener\">CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/b> <\/p>\n<p>Some, including West Virginia Treasurer Riley Moore, expect the fight over ESG to grow and become more prominent as it becomes increasingly wedged into the national political debate. <\/p>\n<p>\u201cIt\u2019s gonna be part of this national conversation, I think. If you\u2019re at the national level, they are talking about this issue,\u201d Moore told the <i>Washington Examiner<\/i> during a recent interview.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Labor Department cleared the path for employers to consider environmental, social, and governance principles when choosing investment funds for their 401(k) plans. The move, which was<\/p>\n","protected":false},"author":1,"featured_media":1748877,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1748874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1748874","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1748874"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1748874\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1748877"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1748874"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1748874"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1748874"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}