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Eti, Phone The Department Of Labor: Economically Targeted Investments, Ib 94-1 And The Reincarnation Of Industrial Policy, Edward A. Zelinsky
Eti, Phone The Department Of Labor: Economically Targeted Investments, Ib 94-1 And The Reincarnation Of Industrial Policy, Edward A. Zelinsky
Articles
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 …