The Biden administration will review the Department of Labor (DOL) rule stipulating that ERISA plan fiduciaries can’t invest in “non-pecuniary” vehicles that sacrifice investment returns or take on additional risk. This rule essentially curbed the use of environmental, social, and governance (ESG) funds within a retirement plan.

President Joe Biden signed an executive order that directed all executive departments and agencies “to immediately review and, as appropriate and consistent with applicable law, take action to address the promulgation of federal regulations and other actions during the last four years that conflict with these important national objectives, and to immediately commence work to confront the climate crisis.”

The final rule implemented by the Trump administration requires ERISA plan fiduciaries to select investments based on pecuniary factors, described as any factor that a fiduciary prudently determines is expected to have a material effect on the risk and return based on appropriate investment guidelines.

I don’t gamble, but it’s an even bet that the rule will be overturned by the Biden administration.