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Fiduciary Duty Biden Administration Department of Labor (DOL)

Latham & Watkins LLP

US Government Reopens Discussion of Private Pension Investments Expectations

Latham & Watkins LLP on

The Department of Labor has taken two recent actions that indicate where the approach to retirement investment policy may go under the new administration....more

Morgan Lewis - ML Benefits

US Administration Announces Intent to Replace Biden-Era ESG Rule

The US Department of Labor’s (DOL’s) position on the appropriateness of environmental, social, and governance (ESG) investing strategies in ERISA-regulated retirement plans has ping-ponged for decades (as we’ve covered...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Here we go again

Here’s the short version: the Department of Labor’s decision to reopen the Biden-era ESG rule is overdue—and welcome....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Crypto in 401(k) Plans? Sure—But Let’s Not Lose Our Minds

Well, that didn’t take long. In what’s becoming a routine political tug-of-war, the Trump administration (yes, back again) has rescinded the Biden-era Department of Labor (DOL) guidance cautioning plan sponsors against...more

Carlton Fields

DOL ESG Rule Withstands Demolition of Chevron Deference

Carlton Fields on

In Loper Bright Enterprises v. Raimondo, the U.S. Supreme Court knocked down Chevron U.S.A. Inc. v. Natural Resources Defense Council Inc., leaving the doctrine of Chevron deference in rubble. The doctrine stated that, when a...more

Kilpatrick

DOL Obtains Further Extension to Decide Whether to Fight for the Fiduciary Rule

Kilpatrick on

In a motion filed on April 14, 2025, the Department of Labor requested that the 5th Circuit Court of Appeals grant it an additional 60-day delay to decide its next steps with respect to its appeals of two July 2024 decisions...more

ArentFox Schiff

ESG Update: Texas Federal Court Cites Loper Bright in Upholding Biden-Era ESG 401(k) Investing Rule

ArentFox Schiff on

A Biden-era US Department of Labor (DOL) Rule permitting consideration of environmental, social, and governance (ESG) factors when choosing investments as a “tiebreaker” was recently upheld by Texas federal Judge Matthew...more

The Wagner Law Group

Election 2024: ERISA and the Proposed New Labor Secretary – Look(ing) for the Union Label?

The Wagner Law Group on

President-Elect Trump has proposed Rep. Lori Chavez-DeRemer as the next Secretary of Labor. The selection is particularly notable for the clear pro-union leanings of the nominee of a Republican president-elect. Any effort...more

Nossaman LLP

Relying on Loper, Fifth Circuit Sends Chevron-based decision Back to District Court, calling ESG Rule into Question

Nossaman LLP on

On July 18, the U.S. Court of Appeals for the Fifth Circuit (“Fifth Circuit”) vacated a decision by the U.S. District Court for the Northern District of Texas (“District Court”) that upheld the U.S. Department of Labor’s...more

Eversheds Sutherland (US) LLP

Department of Labor’s Fiduciary Rule 4.0 proposal

On October 31, 2023, following its announcement by President Biden, the US Department of Labor (DOL or Department) released its Proposal 4.0 regarding ERISA fiduciary investment advice, including amended exemptions for...more

Jones Day

Congressional Republicans and State Attorneys General Challenge Biden Administration's ESG 401(k) Rule

Jones Day on

Republicans at the state and federal levels are challenging a Biden administration rule (the "Rule") intended to walk back Trump-era regulations restricting the ability of retirement fund managers to consider climate change...more

Katten Muchin Rosenman LLP

President Biden’s First Veto Frustrates Anti-ESG Coalition

On March 20, President Joe Biden used his first presidential veto to block a GOP-sponsored anti-ESG bill from taking effect. The bill would have eliminated a Department of Labor rule that allows ERISA retirement fund managers...more

Cadwalader, Wickersham & Taft LLP

Launch of State Alliance Against “ESG Investing”

On March 16, 2023 the Republican governors of 19 states announced an alliance led by Florida Governor Ron DeSantis, to “push back against President Biden’s environmental, social, corporate governance (ESG) agenda that is...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The thing about ESG

While the Biden administration’s Department of Labor (DOL) final environmental, social, and governance (ESG) rule went into effect, I think it’s much to do about nothing....more

Holland & Knight LLP

DOL Issues Final Rule on Climate Change, ESG Factors for Retirement Plan Investments

Holland & Knight LLP on

The U.S. Department of Labor (DOL) on Nov. 22, 2022, announced its adoption of amendments to the regulation setting out retirement plan fiduciary duties of prudence and loyalty under the Employee Retirement Income Security...more

Keating Muething & Klekamp PLL

Benefits Monthly Minute - March 2022

In the March Monthly Minute, we review IRS proposed regulations implementing the SECURE Act, DOL guidance on cryptocurrency investments, and the extended National Emergency “Outbreak Period” guidance. Crypto-Curious vs....more

Perkins Coie

DOL Proposes Expanded Use of ESG Factors in ERISA Plan Investment Decisions and Proxy Voting

Perkins Coie on

The U.S. Department of Labor (DOL) published a proposed regulation on October 14, 2021, that would clarify how fiduciaries of private sector employee benefit plans should apply ERISA’s fiduciary duties of prudence and loyalty...more

Latham & Watkins LLP

US Department of Labor Puts ESG Investing Back on the Menu

Latham & Watkins LLP on

A new proposal would amend changes made to ERISA less than a year ago that have proved to be detrimental to ESG investing. In a sweeping reversal of Trump-era policies, the US Department of Labor (DOL) has issued a...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Biden administration to implement Trump Fiduciary Rule

In what I consider a surprise move, the Department of Labor (DOL) announced that it will allow a Trump-era exemption for investment advice fiduciaries to move forward. ...more

Mintz - Securities & Capital Markets...

Not So Fast: DOL Changes Course on Trump-Era ESG Investment Rule

The United States Department of Labor’s (“DOL”) Employee Benefits Security Administration (“EBSA”) announced on March 10, 2021 that it will not enforce certain final rules put into place under President Trump related to...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Expect ESG rule to be overturned

The Biden administration will review the Department of Labor (DOL) rule stipulating that ERISA plan fiduciaries can’t invest in “non-pecuniary” vehicles that sacrifice investment returns or take on additional risk. This rule...more

Morgan Lewis

ERISA Fiduciaries Under a Biden Labor Department: What Is on the Horizon?

Morgan Lewis on

President Joe Biden has been in office for 34 days and his nominee for Secretary of Labor, Marty Walsh, has not yet been confirmed. So far, Mr. Walsh has not publicly stated much regarding his views or intended priorities...more

Proskauer - Employee Benefits & Executive...

Biden Administration Requests Review of DOL’s Final “ESG” Rules for ERISA Fiduciaries – What Does that Mean for the DOL’s Final...

On October 30, 2020, the U.S. Department of Labor (the “DOL”) issued a final rule on “ESG” investing which requires ERISA plan fiduciaries to base investment decisions on financial factors alone, prohibits fiduciaries from...more

Bracewell LLP

What Labor Nominee Martin Walsh Means for the Future of the Fiduciary Rule

Bracewell LLP on

On January 7, 2021, President-elect Joe Biden named Boston Mayor Martin Walsh as his nominee for Secretary of Labor. Walsh’s nomination raises questions for the future of the Labor Department’s (“DOL’s”) “fiduciary rule,”...more

Bressler, Amery & Ross, P.C.

Maxine Waters Presses Biden to Rescind Reg BI

President-Elect Joe Biden is quickly learning that the line of people seeking regulatory reform in the wake of the Trump administration's regulatory free-for-all is getting longer all the time. At the front of the line is...more

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