Trump Abandons Biden’s 401(k) ESG Investing Rule on Appeal (1)

The Trump administration will replace a controversial Biden-era rule permitting companies that sponsor workplace 401(k)s to consider eco-friendly factors when picking and choosing investments on behalf of workers and retirees.

Lawyers for the government filed a status report Wednesday telling the US Court of Appeals for the Fifth Circuit it will engage in rulemaking set to appear on the US Labor Department’s spring regulatory agenda. A notice-and-comment rulemaking process would be required to rescind the rule altogether.

The Biden rule’s demise marks an escalation in Republican efforts to root out environmental, social, and corporate governance investing from the federal as ...