The U.S. Impact Investing Alliance was disheartened to see that today the Department of Labor rushed to finalize an eleventh-hour rulemaking that will harm retirement savers. This latest development in a string of detrimental regulatory moves threatens a fundamental shareholder right to vote proxies, specifically discouraging ERISA-regulated fiduciaries from engaging corporate managers as they consider long-term material factors. The Department released the final rule – which is out-of-step with broader market trends – on the eve of a new Presidential Administration, creating unnecessary confusion at a time when efficient policymaking is sorely needed. If the rule takes effect, it will result in an undermining of corporate accountability and increased compliance costs for American 401(k)s and pensions. The Alliance urges the incoming Biden-Harris Administration to take immediate regulatory action in January to reverse the new rule and ensure that the voices of retirement savers are not diminished.