Retirement Funds of Millions of Americans in ‘Jeopardy’ as ESG Rule Weakens Protections

Critics say Biden admin rule adds climate and social agenda to asset managers’ primary duty of maximizing returns

President Joe Biden outside the White House on March 1, 2023 in Washington. Win McNamee/Getty Images

News Analysis

The Biden administration and Congress are currently caught up in a tug-of-war over a new Labor Department rule regarding whether Americans’ retirement savings should be used to finance a climate and social justice agenda.