“If the DOL passes the rule as proposed ‘it would lead to worse outcomes for plan participants as plan sponsors shy away from assessing ESG risks in selecting investments. Indeed, since most participants use qualified default investment options–and ESG considerations would be barred in these options–most participants would not get the benefits that ESG risk analysis can deliver,’ Brock Johnson, president of Morningstar Retirement Services, said.”

[COMMENTARY] I believe the DOL’s proposed rule is about hindering ESG. It’s saying US employee default pension plans should not exclude fossil fuel companies as most ESG plans would. So, it’s simply an attempt to boost fund holdings of fossil fuel companies!
Morningstar: DOL’s ESG Proposal ‘Out Of Step’ With Best Advisor Practices, by Tracy Longo, July 24, 2020, Financial Advisor, USA.