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U.S. Labor Department finalizes rule curbing sustainable pension investing

Jessica DiNapoli
·1 min read

By Jessica DiNapoli

NEW YORK, Oct 30 (Reuters) - The U.S. Department of Labor on Friday finalized a rule that clarifies that pension fund managers must put retirees' financial interests first when allocating investments, rather than other concerns such as climate change or racial justice.

Labor Department officials said that they made "significant changes" to the rule in response to over 1,000 comments they received. The main change is that the final rule does not include any references to so-called "ESG investing" or picking stocks for environmental, social or governance reasons, officials said. The rule focuses on pecuniary factors, which the department says have a "material" effect on the risk and return of an investment.

(Reporting by Jessica DiNapoli; editing by Diane Craft)