In this article, Joanne Roskey and Rebecca Tweedie analyze a February ruling from the U.S. District Court for the Northern District of Texas in Utah v. Micone, which upheld the Department of Labor's (DOL) 2022 investment rule permitting ERISA fiduciaries to consider environmental, social and governance (ESG) factors in certain circumstances. The ruling is an early example of a court reconsidering an agency rule under the more stringent standard articulated by the Supreme Court in Loper Bright. The DOL's 2022 investing rule has garnered significant attention, as the agency has released multiple iterations of guidance related to ESG in successive administrations. Though the district court seemed skeptical of the policies animating the 2022 rule, it found that DOL acted within its statutorily determined boundaries, signaling that some agency policy discretion remains under Loper Bright, so long as agencies take care to demonstrate that they have acted within the "best" reading of their operative statutes.