Partner Elizabeth Goldberg spoke to Pensions & Investments about the potential effects of legislation aimed at environmental, social, and governance (ESG) investing. Elizabeth pointed out that of the 26 states with proposed or enacted ESG investing regulations, the vast majority would limit the consideration of ESG factors by state funds and/or their fiduciaries.
"ERISA pre-empts these state laws as they would apply to private employer-sponsored retirement plans, but these state regulations serve as proverbial 'canaries in the coal mine' indicating what future ESG regulation may look like at the federal level if there is a shift in control of the Senate and the White House," Elizabeth said.
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