DOL Will Not Enforce Anti-ESG, Trump-Era Rules

 

WASHINGTON, D.C. — The U.S. Department of Labor (DOL) announced Wednesday that it will not be enforcing two rules finalized under the Trump administration in 2020 intended to slow the growth of Environmental, Social and Governance (ESG) investing. Following is a statement from Gregory Wetstone, President and CEO of the American Council on Renewable Energy (ACORE):

“We welcome this timely decision by President Biden’s Labor Department. These Trump-era rules were intentionally designed to override the free market and hamstring ESG investing, one of the nation’s most important and fastest-growing finance trends. ESG investments consistently outperform the market and are often recognized as the best choice for realizing maximum long-term returns. We are hopeful that Labor officials will soon reverse these misguided policies entirely and instead adopt rules that support and enhance sustainable investments nationwide.”

Background

ACORE forcefully pushed back on these two rules in 2020. To read our submitted comments on the Financial Factors in Selecting Plan Investments rule, click here. To read our submitted comments on the Fiduciary Duties Regarding Proxy Voting and Shareholder Rights rule, click here.

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About ACORE:
Founded in 2001, the American Council on Renewable Energy (ACORE) is the nation’s premier pan-renewable organization uniting finance, policy and technology to accelerate the transition to a renewable energy economy. For more information, please visit www.acore.org.

Media Contact:
Alex Hobson, Vice President of Communications, ACORE
hobson@acore.org | 202.777.7584 (o) | 202.594.0706 (c)