19 Republican States Create Anti-ESG Alliance
The coalition led by Florida Governor Ron DeSantis outlined its policy goals in relation to ESG.
Regulation
UK Pension Regulator Targets Plans for Climate, ESG Non-Compliance
TPR is warning trustees they could be fined up to £50,000 if they don’t provide key ESG data.
Connecticut Bill Would Allow Cities to Tax Private College Endowments
Yale’s $41.4 billion endowment could be targeted by the city of New Haven if the proposed legislation passes.
Biden’s Proposed Spending Priorities Include Social Security, DOL, IRS
Proposed budget advocates for higher fines and more aggressive enforcement by DOL in equal opportunity cases.
Biden Budget Proposes End to Carried Interest, Higher Tax on Buybacks
The proposal would repeal the carried-interest provision and 1031 exchanges.
Australian Regulator Accuses Mercer Super of Greenwashing
The nation’s Securities and Investments Commission is suing the pension fund for allegedly misleading members about sustainability.
Congress Adds Fuel to Anti-ESG Fire
The joint resolution, which President Joe Biden has said he will veto, increases the heat in the U.S. on ESG investing, and asset managers see risks.
Bill Calls for Oregon to Divest From Fossil Fuels
State treasurer Tobias Read says the proposed legislation would lead to lower returns and higher employer contribution rates.
Congressional Democrats Try to Make DOL ESG Rule the Law
Members of the Sustainable Investment Caucus have proposed legislation that would codify permitting ESG considerations in retirement plan investment.
Indiana Amends ESG Bill to Exclude Private Markets
Changes mean legislation will cost state pension fund $5.5 million over 10 years instead of $6.7 billion.
The ESG Lawsuits Continue
This one, brought in Wisconsin, alleges that the DOL’s rule on ESG unlawfully compromises Americans’ retirement.
PBGC Provides Supplemental Assistance to 4 Struggling Pensions
Four multiemployer pension plans received supplemental assistance from PBGC under the final rule.
New Bill Would Tax Individual Investors to Extend Social Security Solvency
Bill from Senators Sanders and Warren aims to make Social Security solvent for 75 years and to increase benefits, especially for lower-income workers and retirees.
SEC Adopts T+1 Settlement Cycle
In addition to shortening the settlement cycle, the rules will improve the processing of institutional trades, regulator says.
Indiana Anti-ESG Bill Could Cost State Pensions $6.7 Billion Over 10 Years
Bill aimed at protecting pensions’ financial interest may instead box them out of lucrative private markets.