Earlier this month, the House Committee on Education and Workforce introduced four bills looking to amend the US Department of Labor’s (DOL) Employee Retirement Income Security Act of 1974 (ERISA).
It is unlikely that any of these bills will make it beyond the Republican-led House, according to Joshua Lichtenstein, partner in Ropes & Gray’s employment, executive compensation and employee benefits group and head of the firm’s ERISA fiduciary practice, who spoke with ESG Investor on the subject. “Their journey will likely end there, as there’s virtually no chance of Senate passage for any of the four bills.”
The continued efforts of anti-ESG movement bring uncertainty that “benefits nobody,” especially when it concerns pension assets and long-term investments, Joshua said. “In the long-run uncertainty is undesirable.”
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