Eugene Scalia, U.S. secretary of labor; the Employee Benefits Security Administration submitted the ESG rule change, called "Financial Factors in Selecting Plan Investments," to the White House last week. (Photo: Bloomberg)
(Bloomberg) – Despite widespread objections from the asset management industry, President Donald Trump, through the U.S. Department of Labor led by Eugene Scalia, is speeding ahead with a proposal to make it more difficult for fiduciaries of retirement plans to direct money to ESG-focused funds.
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