# US Department of Labor

US Department of Labor is a Government Agency based in Washington, United States.

## Overview

- **Organization type:** Government Agency
- **Headquarters:** Washington, United States
- **Region:** North America
- **Address:** Washington, DC, United States
- **Founded:** 1913
- **Assets under management:** Undisclosed
- **Website:** www.dol.gov

## Regulatory record

- **Reports private funds:** No

## About

The United States Department of Labor is a cabinet-level department responsible for occupational safety, wage and hour standards, and unemployment insurance benefits. It is headed by the U.S. Secretary of Labor. The department has made 69 investments, including a grant to the Technical College System of Georgia on March 13, 2026.

## Sectors

- Infrastructure
- Private Credit
- Real Estate

## People

- Julie Su — Acting Secretary of Labor
- Jessica Looman — Principal Deputy Assistant Secretary for the Employee Benefits Security Administration

## Questions

### How does the US Department of Labor influence institutional investment decisions?

The department sets the fiduciary standards that govern how retirement plan fiduciaries select investments, negotiate fees, and manage conflicts of interest. Through the Employee Benefits Security Administration, it enforces compliance with ERISA, which imposes strict duties of prudence and loyalty on plan fiduciaries (per ERISA statute, 1974).

### Does the Department of Labor directly invest in private equity or hedge funds?

No. The department does not manage its own investment portfolio or allocate capital to external managers. It is a regulatory agency, not an asset owner or allocator.

### What is the significance of the 2024 fiduciary rule expansion?

The rule broadened the definition of an investment advice fiduciary under ERISA, capturing more financial professionals — such as rollover advisors and one-time advice providers — who must now act in the plan participant's best interest (per the Federal Register, April 2024).

### Which sub-agency within the Department of Labor handles retirement plan oversight?

The Employee Benefits Security Administration (EBSA) administers and enforces Title I of ERISA, covering reporting, disclosure, and fiduciary conduct for private-sector retirement plans, health plans, and other welfare benefit plans.

### Does the Department of Labor impose ESG-related requirements on retirement plans?

The department's approach shifts between administrations. The 2022 rule under the Biden administration allowed fiduciaries to consider climate change and other ESG factors as economic factors. A 2023 court challenge in Texas blocked part of that rule for now, creating ongoing uncertainty for plan fiduciaries (per a federal district court ruling, September 2023).

### How does the Department of Labor's Private Sector Pension Plan Bulletin affect institutional investors?

The department periodically issues bulletins clarifying its interpretation of ERISA's fiduciary duties. These bulletins can influence how plan fiduciaries evaluate private equity, venture capital, and other illiquid assets. For example, a 2021 bulletin confirmed that including private equity as part of a diversified portfolio option in a 401(k) plan does not automatically violate ERISA, so long as the investment is prudent and appropriately structured (per Field Assistance Bulletin 2021-01).

### What enforcement powers does the Department of Labor have against investment managers?

EBSA can conduct civil and criminal investigations, assess monetary penalties, prohibit individuals from serving as fiduciaries, and refer cases for criminal prosecution. In fiscal year 2023, EBSA investigations recovered $1.4 billion in benefits and corrections (per DOL enforcement data, 2023).

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Last updated: 2026-06-03T20:00:00.000Z

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