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House lawmakers introduce legislation to promote sustainable investing
The measure, led by Rep. Andy Levin, would require advisers to consider environmental, social and governance factors in investment decisions
December 14, 2020 2 MINS
House Democratic lawmakers introduced legislation Monday to promote sustainable investing by requiring retirement plan fiduciaries and other financial advisers to consider ESG factors in investment decisions and disclose how they use them.
Under the Sustainable Investment Policies Act and the Retirees Sustainable Investment Policies Act, advisers would have to maintain an environmental, social and governance investment policy, inform workers about it and file it with either the SEC or the Department of Labor. The sustainable investment policy bill amends the Investment Advisers Act, while the retirees bill amends federal retirement law, the Employee Retirement Income Security Act.