ESG – A Resolution that would have prevented the Labor Department from taking ESG Factors into account in Federal retirement planning has been vetoed

On March 20, 2023, the President vetoed H.J. Res. 30 https://www.whitehouse.gov/briefing-room/presidential-actions/2023/03/20/message-to-the-house-of-representatives-presidents-veto-of-h-j-res-30/ a resolution that would disapprove the December 1, 2022 Department of Labor’s final rule titled “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rightshttps://www.federalregister.gov/documents/2022/12/01/2022-25783/prudence-and-loyalty-in-selecting-plan-investments-and-exercising-shareholder-rights that allows DoL to take ESG Factors into account in Federal retirement planning – The President stated “…There is extensive evidence showing that environmental, social, and governance factors can have a material impact on markets, industries, and businesses … In fact, this resolution would prevent retirement plan fiduciaries from taking into account factors, such as the physical risks of climate change and poor corporate governance, that could affect investment returns …” #PlasticWaste #SingleUsePlastic #ESG @USDOL