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ARTICLE · 10 SEPTEMBER 2021

Update On Q4 2020 And 2021 Trump Administration Rules

Bryan Cave Leighton Paisner
Bryan Cave Leighton Paisner
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Bryan Cave Leighton Paisner

Bryan Cave Leighton Paisner

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In the fourth quarter of 2020, agencies under the outgoing Trump administration proposed and finalized several rules that impact health & welfare and retirement plans.

United StatesEmployment and HR

In the fourth quarter of 2020, agencies under the outgoing Trump administration proposed and finalized several rules that impact health & welfare and retirement plans. Upon taking office in January 2021, the Biden administration quickly moved to halt the implementation of some of these rules, and both the Biden administration and members of Congress signaled that they would seek to unwind others.

By way of an update, as of the date of this newsletter, below is the status of the following rules relating to health & welfare and retirement plans:

  • The ESG Rule and Proxy Voting Rule (published Dec. 2020).
    In a May 2021 Executive Order entitled "ClimateRelated Financial Risk", President Biden directed that the Secretary of Labor consider a proposed rule that would suspend, revise, or rescind both the ESG rule (which requires that plan fiduciaries select investments solely based on financial factors, without consideration of any environmental, social, and governance

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