US SIF Releases Statement on Congressional Resolution to Overturn Final DOL ESG Rule 

WASHINGTON, D.C., February 28, 2023 – Today, the US House of Representatives passed House Joint Resolution 30 (H.J. Res 30), the Congressional Review Act (CRA) Resolution to overturn the U.S. Department of Labor's (DOL) final rule on “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights.” 

Bryan McGannon, Managing Director of US SIF: The Forum for Sustainable and Responsible Investment made the following statement: 

“The Department of Labor's ESG rule is a sensible policy allowing retirement plan fiduciaries to consider all financially relevant information when making investment decisions.  This benefits plan participants and it ends the retirement policy pendulum between administrations. These gains are undermined by today's vote to kill the rule. 
“The DOL's final rule does not mandate the consideration of environmental, social and governance (ESG) criteria, as proponents of the CRA suggest. In fact, the rule re-affirms ERISA's long-standing principle that the duties of prudence and loyalty require ERISA plan fiduciaries to focus on relevant risk-return factors and not subordinate the interests of participants and beneficiaries.”  

About US SIF and the US SIF Foundation

US SIF: The Forum for Sustainable and Responsible Investment is the leading voice advancing sustainable investing across all asset classes. Its mission is to rapidly shift investment practices toward sustainability, focusing on long-term investment and the generation of positive social and environmental impacts. US SIF members include investment management and advisory firms, mutual fund companies, asset owners, data and research firms, financial planners and advisors, broker-dealers, banks, credit unions, community development financial institutions and non-profit associations.

US SIF is supported in its work by the US SIF Foundation, a 501(C)(3) organization that undertakes educational and research activities to advance the mission of US SIF, including offering trainings for advisors and other financial professionals on the Fundamentals of Sustainable and Impact Investment.