November 9, 2023
Ways & Means Committee holds ESG hearing
The November 7 House Ways & Means Committee hearing, "Ensuring that 'Woke' Doesn't Leave Americans Broke: Protecting Seniors and Savers from ESG Activism," evidenced a clear partisan split over whether environmental, social, and governance (ESG) factors should be allowed to be considered by retirement plan fiduciaries. Republicans argued that the best financial interests alone should steer fiduciaries, while Democrats favor consideration of ESG factors and protested that there are more important retirement policy topics to be considered by the Committee, including building on the SECURE 2.0 bill.
Additional information is available in the attached Tax Alert.
Ways & Means ESG hearing