DOL Lacks a Convincing Legal Basis for Attempts to Discourage ESG/Sustainable Investing Albert Feuer – Bloomberg On June 30, 2020, the U.S. Department of Labor (DOL) published in the Federal Register, 85 Fed. Reg. 39,113, proposed amendments to the regulations that set forth the duties of ERISA plan fiduciaries when selecting and monitoring plan investments and investment alternatives for plan participants and beneficiaries that would discourage what the DOL called "ESG" investments (DOL ESG/sustainable investment proposal). On Sept. 4, 2020, the DOL published, in the Federal Register, 85 Fed. Reg. 55,222, proposed amendments to the regulations that set forth the duties of ERISA plan fiduciaries when exercising proxy voting and other shareholder rights that would discourage the pursuit of what the DOL called "environmental, social or public policy agendas." (DOL ESG/sustainable proxy proposal). The first proposal applies to all plan investments.