DOL ESG Final Rule at OMB

The Office of Management and Budget (OMB) has received a final rule entitled Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights from the Department of Labor (DOL). The OMB’s Office of Information and Regulatory Affairs (OIRA) provides final review of regulatory guidance before its official release.

The final rule is pursuant in part to Executive Order 14030, which directed the Secretary of Labor to suspend, revise or rescind previous guidance on this matter promulgated during the Trump administration. A proposed rule was published in the Federal Register on October 14, 2021.