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Description
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.
Publication Date
1995
Volume
16
Publisher
Berkeley Journal of Employment and Labor Law
First Page
333
Keywords
Department of Labor (DOL), labor
Disciplines
Labor and Employment Law | Law | Law and Economics
Recommended Citation
Edward A. Zelinsky,
ETI, Phone the Department of Labor: Economically Targeted Investments, IB 94-1 and the Reincarnation of Industrial Policy,
16
Berkeley Journal of Employment and Labor Law
333
(1995).
Available at:
https://larc.cardozo.yu.edu/faculty-articles/305