Commentary Overturning the Trump ERISA rules is proving a lot harder than the White House supposed. Pity the Department of Labor. Tasked with undoing two Trump-era rules on the conduct of pension fiduciaries under the Employment Retirement Income Security Act (ERISA) and promoting the administration’s climate policies, the DOL finds itself between the rock of the letter of the law and a hard place in the form of two White House executive orders. The first, signed hours after President Joe Biden was inaugurated, directs all departments to review and take action on Trump-era regulations that impede the fight against climate change. In May, there followed an executive order on climate financial risk that specifies two DOL regulations, “Financial Factors in Selecting Plan Investments” and “Fiduciary Duties Regarding Proxy Voting and Shareholder Rights,” and orders the Secretary of Labor to consider publishing a proposed rule by September 2021 to “suspend, revise or rescind” both …
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