See this path setting report prepared by Inside EPA.
Since its inception there has been a heated debate concerning OIRA review of Treasury Tax rulings. Read the following story from the New York Times; it ends the debate. It is time that the Biden Administration provide OIRA with the added staff needed to perform the task.
Without taking a position on the facts behind the NY Times story, hopefully the opposition arguments of the past advanced by the tax bar have been finally laid to rest; there is a definite need for an independent review at Treasury tax rules.
The Biden Administration is working on a regulation which will reverse a Trump regulation which restricted the ESG program.
The forthcoming Biden regulation is a pacesetter because:
- It is a formal rulemaking issued by the Department of Labor
- Virtually every major player will submit comments, and
- Most importantly there is a private sector enforcement mechanism which could keep the participants honest.
Private Sector Enforcement Mechanism
Here is the textbook definition of an ESG Investment Fund: