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DOL ESG Proposal Throws a Cloud Over Prior Guidance
DOL ESG Proposal Throws a Cloud Over Prior Guidance
The proposed regulation seems to create stricter limits for ESG investing in retirement plans, but experts say it is not all doom and gloom for plan sponsors and participants who want these investments.
Newly Published DOL Fiduciary Proposal Matches SEC’s Reg BI
The proposed rule aligns with the SEC’s Regulation Best Interest and the Suitability in Annuity Transactions Model Regulation adopted last year by the National Association of Insurance Commissioners.
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Ask the Experts
Can an Alternate Payee Designate a Beneficiary?
Florida's DeSantis Joins Other GOP Pols in Opposing ‘Woke Capital’
Microsoft Latest Target of Lawsuits Over TDF Suite
Economic Events
The Conference Board Consumer Confidence Index increased in June, after virtually no change in May. The Index now stands at 98.1 (1985=100), up from 85.9 in May. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—improved from 68.4 to 86.2. The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—increased from 97.6 in May to 106.0 in June.
Market Mirror
Tuesday, the Dow was up 217.08 points (0.85%) at 25,812.88, the NASDAQ gained 184.61 points (1.87%) to finish at 10,058.77, and the S&P 500 increased 47.05 points (1.54%) to 3,100.29. The Russell 2000 climbed 62.59 points (4.54%) to 1,441.37, and the Wilshire 5000 closed 485.57 points (1.56%) higher at 31,630.48.

The price of the 10-year Treasury note fell 25/32, bringing its yield up to 0.655%. The price of the 30-year Treasury bond was down, 7/32, increasing its yield to 1.410%.
Back to the Fiduciary Future?
Analysts say the Department of Labor is officially reinstating the “five-part test” for determining fiduciary status.
Ask the Experts
Has Repayment Period Been Extended for Loans Under CARES Act?
“I understand that, under the CARES Act if a participant is qualified under the stated COVID-19 reasons specified in the Act, he/she can borrow 100% of his/her vested account balance up to $100,000. But has the repayment period been extended for such a large loan? Seems odd that such a large amount would be required to be repaid over five years.”
Small Talk
July 4th is a time when Americans celebrate and show their patriotism, but the events of this year have put a damper on that. Nearly one-in-three Americas surveyed by WalletHub indicated they feel less patriotic than in the past. And celebrations will be more subdued.
ON THIS DATE: In 1847, in New York City, the U.S. Post Office issued its first adhesive stamps. The two stamps available were a 5-cent Benjamin Franklin and a 10-cent George Washington. In 1862, Congress established the Bureau of Internal Revenue. In 1863, during the U.S. Civil War, the first day’s fighting at Gettysburg began. In 1874, the Philadelphia Zoological Society zoo opened as the first zoo in the United States. In 1905, the USDA Forest Service was created within the Department of Agriculture. The agency was given the mission to sustain healthy, diverse, and productive forests and grasslands for present and future generations. In 1909, Thomas Edison began commercially manufacturing his new “A” type alkaline storage batteries. In 1934, the Federal Communications Commission replaced the Federal Radio Commission as the regulator of broadcasting in the United States. In 1941, Bulova Watch Company sponsored the first TV commercial in New York City. In 1943, the U.S. Government began automatically withholding federal income tax from paychecks. In 1950, American ground troops arrived in South Korea to stem the tide of the advancing North Korean army. In 1961, the first community air-raid shelter was built. The shelter in Boise, Idaho, had a capacity of 1,000 people and family memberships sold for $100. In 1963, the U.S. postmaster introduced the five-digit ZIP (Zoning Improvement Plan) code. In 1966, the Medicare federal insurance program went into effect. In 1979, Susan B. Anthony was commemorated on a U.S. coin—the Susan B. Anthony dollar. In 1979, Sony introduced the Walkman. In 1984, the Motion Picture Association of America (MPAA), which oversees the voluntary rating system for movies, introduced a new rating, PG-13. In 1997, the sovereignty over Hong Kong was transferred from Great Britain to China. Britain had controlled Hong Kong as a colony for 156 years.
WEDNESDAY WISDOM: “Why don’t you get a haircut? You look like a chrysanthemum.”—P. G. Wodehouse, English author and humorist
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