Your feedback ensures we stay focused on the facts that matter to you most—take our survey
House Appropriations Committee passes budget blocking ESG labor rule (2024)
| Environmental, social, and corporate governance |
|---|
|
| • What is ESG? • Enacted ESG legislation • Arguments for and against ESG • Opposition to ESG • Federal ESG rules • ESG legislation tracker • Economy and Society: Ballotpedia's weekly ESG newsletter |
The House Appropriations Committee passed a fiscal year 2025 labor budget bill on July 10 that proposes prohibiting the Department of Labor from implementing its rule allowing ESG considerations in Employee Retirement Income Security Act (ERISA)-governed retirement plans:
| “ |
The committee on July 10 in a 31-25 vote approved the Fiscal Year 2025 Labor, Health and Human Services, Education, and Related Agencies Appropriations Act. The bill provides a discretionary total of $10.5 billion for the Labor Department, which is $3 billion, or 23%, below the fiscal year 2024 enacted level and $3.6 billion below the president’s budget request. Within the bill is a provision that states 'none of the funds made available by this Act may be used to administer, implement, or enforce' certain Labor Department initiatives. Those initiatives include a rule that took effect in January 2023 that permits retirement plan fiduciaries to consider environmental, social and governance factors when selecting investments. Department officials and retirement experts contend that the rule is neutral and maintains the department's position that fiduciaries may not sacrifice investment returns or assume greater investment risks as a means of promoting collateral social policy goals.[1] |
” |
See also
- Environmental, social, and corporate governance (ESG)
- Economy and Society: Ballotpedia's ESG newsletter
External links
Footnotes
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
| |||||||||||||||||||||||
