Publication Date

1995

Journal

Berkeley Journal of Employment and Labor Law

Abstract

In Interpretive Bulletin 94-1 (B 94-1), the Department of Labor defines economically targeted investments (ETIs) as investments which bear risk-adjusted, market rates of return and which also generate collateral economic benefits. lB 94-1 declares ETIs, so defined, to be consistent with the fiduciary provisions of the Employee Retirement Income Security Act of 1974 (ERISA). In his critique of lB 94-1, Professor Edward Zelinsky finds the ET1 concept unsound as a matter of policy and logic and incompatible with ERISA's statutory standards governing pension trustees' investment decisions. Professor Zelinsky views 1B 94-1 as resurrecting the discredited notion of industrial policy. He concludes that the DOL should withdraw IB 94-1 or that Congress should repeal it.

Volume

16

Issue

2

First Page

333

Last Page

355

Publisher

UC Berkeley School of Law

Keywords

Labor Law, Economics Law

Disciplines

Labor and Employment Law | Law | Law and Economics

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