Finance
SEC to propose recission of rule governing shareholder proposals: OMB
The U.S. Securities and Exchange Commission (SEC) is planning to propose repealing Rule 14a-8, which governs the shareholder proposal process. The Office of Information and Regulatory Affairs under the White House Office of Management and Budget (OMB) received the relevant proposal last Friday, which also involves amendments to Rule 14a-8 (proxy voting rules). This move continues SEC Chairman Paul Atkins' stated commitment to a "comprehensive review" of rules, following the SEC's earlier announcement that it would stop responding to companies' no-action letter requests. Investor advocacy groups oppose this, arguing that the repeal would undermine the long-standing balance between shareholders and companies.
Dem AGs dispute GOP’s probe into credit ratings agencies over ESG
Led by New York Attorney General Letitia James, 20 Democratic state attorneys general sent a letter to the U.S. Securities and Exchange Commission on August 27, rebutting Republican state attorneys general's investigation into credit rating agencies' ESG risk factors, noting that their conclusions are based on factual inaccuracies and distortions.
Deloitte to pay $21.5M to settle claims its DEI programs violated federal civil rights law
Deloitte reached a settlement with the U.S. Department of Justice, agreeing to pay $21.5 million to resolve allegations that its DEI programs involved discriminatory practices based on race and gender in hiring, promotion, and staffing, in violation of the False Claims Act. The DOJ stated that the settlement is another achievement under its 'Civil Rights Fraud Initiative.' Deloitte denies the allegations and has not admitted liability.
Governance proposals rise as environmental and social filings plummet: report
During the 2026 proxy season (Jan. 1–June 30), governance-related shareholder proposals at Russell 3000 companies increased 19% year-over-year, even as overall filings fell by more than 19%. Environmental, social, and human capital proposals saw steep declines, according to a report from The Conference Board, written with ESGAUGE and the Rutgers Law School Center for Corporate Law and Governance. The report highlights the SEC's reduced role in the no-action process as a key factor shaping the season.
SEC says it will stop responding to no-action requests ‘entirely’
The SEC will no longer respond to no-action requests under Rule 14a-8, a significant shift in proxy process oversight. The Division of Corporation Finance and the Division of Investment Management will adopt a similar approach, though companies must still file required notices. The decision comes amid broader rule review and legal pushback.
Bank of America pledges $250B toward updating US infrastructure
Bank of America will deploy $250 billion over 18 months to finance critical infrastructure projects, including data centers, energy, transportation, water systems, and critical minerals. The bank says the effort will drive job creation and economic growth, with leadership from Karen Fang. The announcement follows similar patriotic initiatives on Wall Street amid political scrutiny of banks.
$20B in federal climate grants unblocked by appeals court
The U.S. Court of Appeals for the D.C. Circuit ruled on Tuesday to block the Trump administration from revoking $20 billion in climate grants. The court held that the EPA's attempt to terminate and claw back "Greenhouse Gas Reduction Fund" grants awarded to nonprofit organizations such as "Climate United" under the Inflation Reduction Act may violate relevant laws.
US sustainable funds see positive inflows for first time since 2022: Morningstar
According to the latest Morningstar report, U.S. sustainable funds achieved nearly $3 billion in net inflows in Q2 2025, marking the first positive inflow since 2022 and ending 14 consecutive quarters of net outflows. However, inflows were concentrated in passive strategies, with active funds still facing redemptions, and fund closures outnumbered new launches.
JPMorgan to deploy $750B for affordable housing by 2035
JPMorgan Chase announced a major housing investment plan, committing $750 billion by 2035 to build and preserve 1 million affordable homes and support 500,000 customers in buying homes, including 200,000 first-time buyers. The plan is part of its 'American Dream Initiative,' covering areas such as housing, business growth, and financial health.