11/28/2022 10:00 AM EST
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DECIDING INVESTMENT DECISIONS: Two of the most discussed financial trends in recent years have been the mainstreaming of cryptocurrency and so-called environmental, social and governance metrics — sparking political tug-of-wars in Washington.
Under the Trump administration, the Labor Department sought to deter investors from factoring-in ESG considerations as part of company-sponsored 401(k) offerings and other products it regulates under ERISA. But President Joe Biden’s appointees have reversed the course and issued a final rule last week ensuring that savers can opt into investment vehicles that have ESG-related components.
That move has created a contrast with the Biden DOL’s frostiness toward allowing savers to put retirement money into digital assets after Fidelity and several others announced plans this year to do so.
“ESG is a wonderful example of how everyday Americans can be hurt by a DOL that plays the role of armchair advisor,” David Ramirez, CEO of ForUsAll, a company that builds crypto investment products and has sued DOL over its March crypto memo. “The core asset class hasn’t changed but the political winds have.”
There are limitations to any direct comparisons — ESG is an investment strategy, whereas cryptocurrency is its own type of asset — but both have been subject to debate over whether they are fit for retirement portfolios and how the...
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