ESG is an acronym for the use of environmental, social and governance considerations in investing.

ESG is important when seeking to connect with women as clients because women are more likely than men to be interested in ESG impacts through their financial portfolios. The topic has become politicized because it may affect the allocation of investments across various sources of energy, such as coal, renewables, oil, or gas. Such shifts could create winners and losers among energy companies, and the states where they do business. Moreover, the Biden veto protects a Department of Labor (DOL) amendment to the ERISA fiduciary duty rules, which regulate financial professionals advising on pension plans, 401(k)s and other retirement and endowment funds.

Implications Of The Biden Veto

The DOL under Biden released its final amendment to the ERISA rule on November 22, 2022, just before the Republicans won control of the House. The Republican-led Congress, however, opposes the Biden administration’s approach to ESG and voted to kill the rule by using a mechanism called the Congressional Review Act, which enables Congress to overturn actions taken during the end of a prior Congressional term.

Biden’s veto secured the 2022 DOL rule, which became effective on January 30 of this year. Whereas the Trump administration had a restrictive view of the type of data a fiduciary could consider, the current rule enables fiduciaries to consider ESG factors so long as they are relevant to the financial analysis.

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A distinguished service member and former Chairman of the Joint Chiefs of Staff for Presidents Bush and Obama from 2007 to 2011, Admiral Mullen embodies sacrifice, service, and selflessness.

“Admiral Mike Mullen truly exemplifies the values of a soldier and a citizen. As a soldier, he has given over 40 years of military service to our nation at the highest levels of leadership. As a citizen, he has done significant work in the financial services industry, held numerous board positions with both for-profit and nonprofit organizations, taught national security decision-making policy as well as ethics and leadership, and has received a long list of distinguished awards. Much of his work with nonprofit organizations is related to assisting military veterans and their families. It was an honor to nominate Admiral Mullen for this award in recognition of his sacrifice, success, and service.”

 ~John M. Howard, Chairperson of the Board of Trustees of The American College of Financial Services 

Admiral Mullen served as the 28th Chief of Naval Operations from 2005–2007 and the 17th Chairman of the U.S. Joint Chiefs of Staff for Presidents Bush and Obama from 2007 to 2011. He led the military during a critical time of change and transition, advancing the rapid fielding of innovative technologies, championing emerging and enduring global partnerships, and promoting new methods for countering terrorism. He spearheaded eliminating the “Don’t Ask, Don’t Tell” policy, ushering for the first time in U.S. military history the open service of gay and lesbian men and women. 

After his retirement from the United States Navy in November 2011 after 43 years of honorable service, Admiral Mullen joined the corporate boards of General Motors from 2013–2018 and Sprint from 2013–2019. He continues to serve on numerous boards, including Bloomberg Philanthropies, Naval Academy Foundation, Naval Postgraduate School Foundation, Harvard Business School, and a wide array of nonprofit organizations dedicated to improving the growth, development, recovery, and transition of military veterans and their families. 

Additionally, he taught National Security Decision-Making and Policy at the Woodrow Wilson School of International and Public Affairs at Princeton University from 2012– 2018 and continues to teach advanced ethics and leadership at the U.S. Naval Academy. 

Currently, Admiral Mullen is president of MGM Consulting, which provides counsel to global clients on issues related to geo-political developments, national security interests, and strategic leadership. Admiral Mullen is a distinguished graduate of the U.S. Naval Academy and a distinguished graduate of the Naval Postgraduate School, a distinguished alumnus of Harvard Business School, a member of the National Academy of Engineering and served as a trustee at Caltech.

Rodriguez has spearheaded multiple efforts across the industry to help diversify the industry and narrow the wealth gap, including leading the development of the Financial Alliance for Racial Equity (FARE), which is focused on increasing the number of black financial professionals entering the industry and filling the voids to help retain them.