For Immediate Release: July 31st, 2020

Contact: Diop Harris at diop@ourfinancialreform.org or (269) 209-7733

AFREF is concerned that, instead of clarifying the DOL’s views on ESG investing, the ESG proposal will create confusion among fiduciaries,  cause fiduciaries to ignore material ESG factors, and result in poor investment choices that result in losses for retirement savers. 

In spite of the DOL statement that it is trying to prevent the selection of investments based on the fiduciaries personal preferences, it appears that the DOL is being driven by its own political desires to fulfill the President’s executive order that demanded the DOL find ways to facilitate ERISA covered plans’ investment in the energy sector. The Proposal will impose new costs on beneficiaries, undermine American’s retirement security, and impede investment decisions that would lead to a more sustainable economy and society.

We urge the DOL to withdraw the proposal.

You can view the letter in its entirety here.