On June 23, 2020, the U.S. Department of Labor released a proposal for a new investment duties rule. The proposal clarifies the application of the fiduciary duties of prudence and loyalty under the Employee Retirement Income Security Act of 1974, especially with regard to possible non-financial goals, including environment, social and public policy factors. In particular, the clarifications proposed in the press release provide greater specifications of when a plan fiduciary is prohibited from considering non-pecuniary interests and certain circumstances where such considerations are appropriate.