The Beltway Buzz is a weekly update summarizing labor and employment news from inside the Beltway and clarifying how what’s happening in Washington, D.C., could impact your business.

DOL to Rescind Biden-era ESG Rule. In a status report filed this week with the U.S. Court of Appeals for the Fifth Circuit, the U.S. Department of Labor (DOL) stated that it will no longer defend a legal challenge to the Biden administration’s 2022 ESG (environmental, social, and governance) rule (formally, “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights”). Instead, the administration will pursue notice-and-comment rulemaking to rescind the regulation. The pending rulemaking will be the latest regulatory back-and-forth on this issue, as the DOL in 2020 finalized a regulation that limited the abilities of Employee Retirement Income Security Act (ERISA) plan fiduciaries to consider investment factors that “promote non-pecuniary benefits or objectives.” In turn, the 2022 Biden-era rule instituted an “all things being equal” standard that allows plan fiduciaries to consider such factors as “tiebreakers” in investing decisions. There is no timetable for the proposed rule, but the spring regulatory agenda—expected sometime in June or July of this year—should provide some clues.

USCIS Nominee Wants Restrictions on OPT. Last week, the U.S. Senate Judiciary Committee held a hearing on the nomination of Joseph Edlow to serve as director of U.S. Citizenship and...

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