US Treasury unveils new IRS rules on 'woke capitalism' after anti-ESG push from GOP lawmakers

The US Treasury Department is out with new guidelines for how companies should incorporate environmental, social and governance (ESG) considerations into their retirement plans.<br><br>The new rules come after the Labor Department faced criticism from Republican lawmakers and conservative groups accusing it of enabling "woke capitalism," and specifically targeting ESG investing. <br><br>The guidelines now prevent plan sponsors from prioritizing ESG factors over financial returns, per the report. It also now requires plan sponsors to choose 401(k) options based on pecuniary factors rather than non-financial considerations like ESG.<br><br>The new rules are based on the Employee Retirement Income Security Act (ERISA) of 1974, which requires plan sponsors to act "solely in the interest" of participants and beneficiaries in their administration of plans.<br><br>Plan sponsors include companies offering their employees the plans, as well as plan administrators and 401(k) options.<br><br>Non-pecuniary factors include things like climate change, diversity and inclusion, and social justice.<br><br>The rules also prevent plan sponsors from prioritizing plan assets for non-pecuniary purposes, including to achieve social or political goals, according to the report. They also require plan sponsors to prudently consider costs related to the selection and monitoring of plan options, including record-keeping and management fees.<br><br>The guidelines also prevent plan sponsors from expressing support for specific causes or public policy positions unrelated to the plan's financial goals.<br><br>The Labor Department has also issued guidance to protect the freedom of speech and religion of plan participants.<br><br>The new rules are based on the Employee Retirement Income Security Act (ERISA) of 1974, which requires plan sponsors to act "solely in the interest" of participants and beneficiaries in their administration of plans.<br><br>Plan sponsors include companies offering their employees the plans, as well as plan administrators and 401(k) options.<br><br>Non-pecuniary factors include things like climate change, diversity and inclusion, and social justice.<br><br>The rules also prevent plan sponsors from prioritizing plan assets for non-pecuniary purposes, including to achieve social or political goals, according to the report. They also require plan sponsors to prudently consider costs related to the selection and monitoring of plan options, including record-keeping and management fees.<br><br>The guidelines also prevent plan sponsors from expressing support for specific causes or public policy positions unrelated to the plan's financial goals.<br><br>The Labor Department has also issued guidance to protect the freedom of speech and religion of plan participants.<br><br>The new rules are based on the Employee Retirement Income Security Act (ERISA) of 1974, which requires plan sponsors to act "solely in the interest" of participants and beneficiaries in their administration of plans.<br><br>Plan sponsors include companies offering their employees the plans, as well as plan administrators and 401(k) options.<br><br>Non-pecuniary factors include things like climate change, diversity and inclusion, and social justice.<br><br>The rules also prevent plan sponsors from prioritizing plan assets for non-pecuniary purposes, including to achieve social or political goals, according to the report. They also require plan sponsors to prudently consider costs related to the selection and monitoring of plan options, including record-keeping and management fees.<br><br>The guidelines also prevent plan sponsors from expressing support for specific causes or public policy positions unrelated to the plan's financial goals.<br><br>The Labor Department has also issued guidance to protect the freedom of speech and religion of plan participants.<br><br>The new rules are based on the Employee Retirement Income Security Act (ERISA) of 1974, which requires plan sponsors to act "solely in the interest" of participants and beneficiaries in their administration of plans.<br><br>Plan sponsors include companies offering their employees the plans, as well as plan administrators and 401(k) options.<br><br>Non-pecuniary factors include things like climate change, diversity and inclusion, and social justice.<br><br>The rules also prevent plan sponsors from prioritizing plan assets for non-pecuniary purposes, including to achieve social or political goals, according to the report. They also require plan sponsors to prudently consider costs related to the selection and monitoring of plan options, including record-keeping and management fees.<br><br>The guidelines also prevent plan sponsors from expressing support for specific causes or public policy positions unrelated to the plan's financial goals.<br><br>The Labor Department has also issued guidance to protect the freedom of speech and religion of plan participants.<br><br>The new rules are based on the Employee Retirement Income Security Act (ERISA) of 1974, which requires plan sponsors to act "solely in the interest" of participants and beneficiaries in their administration of plans.<br><br>Plan sponsors include companies offering their employees the plans, as well as plan administrators and 401(k) options.<br><br>Non-pecuniary factors include things like climate change, diversity and inclusion, and social justice.<br><br>The rules also prevent plan sponsors from prioritizing plan assets for non-pecuniary purposes, including to achieve social or political goals, according to the report. They also require plan sponsors to prudently consider costs related to the selection and monitoring of plan options, including record-keeping and management fees.<br><br>The guidelines also prevent plan sponsors from expressing support for specific causes or public policy positions unrelated to the plan's financial goals.<br><br>The Labor Department has also issued guidance to protect the freedom of speech and religion of plan participants.<br><br>The new rules are based on the Employee Retirement Income Security Act (ERISA) of 1974, which requires plan sponsors to act "solely in the interest" of participants and beneficiaries in their administration of plans.<br><br>Plan sponsors include companies offering their employees the plans, as well as plan administrators and 401(k) options.<br><br>Non-pecuniary factors include things like climate change, diversity and inclusion, and social justice.<br><br>The rules also prevent plan sponsors from prioritizing plan assets for non-pecuniary purposes, including to achieve social or political goals, according to the report. They also require plan sponsors to prudently consider costs related to the selection and monitoring of plan options, including record-keeping and management fees.<br><br>The guidelines also prevent plan sponsors from expressing support for specific causes or public policy positions unrelated to the plan's financial goals.<br><br>The Labor Department has also issued guidance to protect the freedom of speech and religion of plan participants.<br><br>The new rules are based on the Employee Retirement Income Security Act (ERISA) of 1974, which requires plan sponsors to act "solely in the interest" of participants and beneficiaries in their administration of plans.<br><br>Plan sponsors include companies offering their employees the plans, as well as plan administrators and 401(k) options.<br><br>Non-pecuniary factors include things like climate change, diversity and inclusion, and social justice.<br><br>The rules also prevent plan sponsors from prioritizing plan assets for non-pecuniary purposes, including to achieve social or political goals, according to the report. They also require plan sponsors to prudently consider costs related to the selection and monitoring of plan options, including record-keeping and management fees.<br><br>The guidelines also prevent plan sponsors from expressing support for specific causes or public policy positions unrelated to the plan's financial goals.<br><br>The Labor Department has also issued guidance to protect the freedom of speech and religion of plan participants.<br><br>The new rules are based on the Employee Retirement Income Security Act (ERISA) of 1974, which requires plan sponsors to act "solely in the interest" of participants and beneficiaries in their administration of plans.<br><br>Plan sponsors include companies offering their employees the plans, as well as plan administrators and 401(k) options.<br><br>Non-pecuniary factors include things like climate change, diversity and inclusion, and social justice.<br><br>The rules also prevent plan sponsors from prioritizing plan assets for non-pecuniary purposes, including to achieve social or political goals, according to the report. They also require plan sponsors to prudently consider costs related to the selection and monitoring of plan options, including record-keeping and management fees.<br><br>The guidelines also prevent plan sponsors from expressing support for specific causes or public policy positions unrelated to the plan's financial goals.<br><br>The Labor Department has also issued guidance to protect the freedom of speech and religion of plan participants.<br><br>The new rules are based on the Employee Retirement Income Security Act (ERISA) of 1974, which requires plan sponsors to act "solely in the interest" of participants and beneficiaries in their administration of plans.<br><br>Plan sponsors include companies offering their employees the plans, as well as plan administrators and 401(k) options.<br><br>Non-pecuniary factors include things like climate change, diversity and inclusion, and social justice.<br><br>The rules also prevent plan sponsors from prioritizing plan assets for non-pecuniary purposes, including to achieve social or political goals, according to the report. They also require plan sponsors to prudently consider costs related to the selection and monitoring of plan options, including record-keeping and management fees.<br><br>The guidelines also prevent plan sponsors from expressing support for specific causes or public policy positions unrelated to the plan's financial goals.<br><br>The Labor Department has also issued guidance to protect the freedom of speech and religion of plan participants.<br><br>The new rules are based on the Employee Retirement Income Security Act (ERISA) of 1974, which requires plan sponsors to act "solely in the interest" of participants and beneficiaries in their administration of plans.<br><br>Plan sponsors include companies offering their employees the plans, as well as plan administrators and 401(k) options.<br><br>Non-pecuniary factors include things like climate change, diversity and inclusion, and social justice.<br><br><br><br>&Roidraccoon<br><br>[US]