In a public comment to the U.S. Department of Labor today, the U.S. Impact Investing Alliance called on regulators to suspend efforts to rewrite the fiduciary standards for ERISA-regulated pensions. The Alliance is concerned that the proposed rule would have a chilling effect on ESG investments by placing an undue burden on fiduciaries considering ESG criteria, despite the fact that ESG metrics often correlate with long-term financial performance. The comment period is scheduled to close on July 30, and given the significant upheaval and distress caused by the COVID-19 pandemic, as well as the complexity of the proposed changes, the Alliance urges the Administration to delay the deadline until well after the crisis has passed.