OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Wyoming Challenges New Federal Labor Rule Allowing Asset Managers to Direct Their Clients' Retirement Money to ESG Investments

Date: Jan. 26, 2023
Issues: Entitlements and the Safety Net Economy and Fiscal

Wyoming has joined a 25-state coalition in a lawsuit over a Department of Labor rule which would affect the retirement accounts of millions of people. The rule would allow 401(k) managers to direct their clients' money to ESG (Environmental Social Governance) investments rather than fiduciary standards. This is contrary to the laws outlined in the Employee Retirement Income Security Act of 1974 (ERISA).

"This rule is contrary to longstanding federal law and fiduciary principles that require fiduciaries to place their clients' financial interests first," Governor Mark Gordon said. "Allowing political agendas to guide managers investing Americans' retirement accounts is unacceptable and short sighted. Their sole responsibility must be the best financial interests of the beneficiaries.


Source
arrow_upward