President Biden Vetoes H.J. Res 30 Disapproving of DOL Final Rule

June 6, 2023
Hall Benefits Law, LLC

President Joe Biden recently issued a message to the U.S. House of Representatives that vetoed H.J. Res. 30. This resolution would disapprove of a final environmental, social, and governance (ESG) rule by the U.S. Department of Labor (DOL) entitled “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights.”

In his message, Biden stated that the DOL’s final rule protects the retirement savings and pensions of millions of workers and retired workers nationwide. The rule allows retirement plan fiduciaries to make investment decisions based on all relevant factors that could impact those investments. This strategy allows fiduciaries to maximize financial returns for workers and retirees.

Biden also cited extensive evidence that ESG factors significantly impact financial markets and businesses, including the physical risks of climate change and poor corporate governance. H.J. Res. 30, Biden said, would force retirement plan fiduciaries to ignore these risk factors, which could jeopardize the retirement savings of working families. Instead, fiduciaries should be free to consider any factor that maximizes the growth of investments for workers and retirees, which should not be controversial.

HBL has experience in all areas of benefits and employment law, offering a comprehensive solution to all your business benefits and HR/employment needs. We help ensure you are in compliance with the complex requirements of ERISA and the IRS code, as well as those laws that impact you and your employees. Together, we reduce your exposure to potential legal or financial penalties. Learn more by calling 470-571-1007.

The following two tabs change content below.

Hall Benefits Law, LLC

HBL offers employers comprehensive legal guidance on benefits in mergers and acquisitions, Employee Stock Ownership Plans (ESOPs), executive compensation, health and welfare benefits, healthcare reform, and retirement plans. We counsel a wide spectrum of clients including small, mid-sized, and large companies, 401(k) investment advisors, health insurance brokers, accountants, attorneys, and HR consultants, just to name a few. HBL is passionate about advising clients, and we are dedicated to our mission: to provide comprehensive, personalized, and practical ERISA and benefits legal solutions that exceed client expectations.

Latest posts by Hall Benefits Law, LLC (see all)