(2) the Biden rule has a little teeny bit more leeway to allow participant directed plans (401k, 403b) to include nonpecuniary ESG type funds in them if beneficiaries want them and their presence would increase beneficiary participation in the plan, but -

the proposed statute would not permit even beneficiaries who want to select funds based on nonpecuniary factors to do so, if there are funds available that perform better financially This is what we sophisticates call "private ordering"