ERISA and benefits partner Josh Lichtenstein was quoted in Bloomberg Tax and Financial Times Ignites about conflicts arising out of ESG investing.
The U.S. Labor Department has submitted to the White House the final version of its rule governing environmental, social and governance investments in retirement plans. In a polarized political environment, more than a dozen Republican state legislatures have passed or proposed bills that would block or ban ESG investing altogether. Almost an equal number of Democrat led states have implemented or are considering legislation that encourages the consideration of environmental factors in pension investments or restricts public funds from investing in fire arms or fossil fuel companies.
Josh explains that states basically copy Labor Department fiduciary standards. When you start being more divergent in the interpretations of the same fiduciary standards under federal and state laws, it raises concerns.
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