The Employee Retirement Income Security Act is a comprehensive statute designed to protect the interests of employees and their beneficiaries in employee benefit plans. It does this primarily by imposing, in section 404, a number of stringent duties on plan fiduciaries, including a duty of loyalty, a duty to act for the exclusive purpose of providing plan benefits and defraying reasonable expenses, and a duty of prudence. 29 U.S.C. 1104(a)(1)(A), (B). This regulatory action is needed to ensure that plan fiduciaries select investments and exercise shareholder rights based only on financial considerations relevant to the risk-adjusted economic value of a particular investment, and not to advance social causes. See Executive Order 14219, titled Ensuring Lawful Governance and Implementing the President’s Department of Government Efficiency Deregulatory Initiative. See also Executive Order 14366 of December 11, 2025, titled Protecting American Investors from Foreign-Owned and Politically-Motivated Proxy Advisors.