Biden’s First Veto Rejects Bill to Block ESG Investments

President Biden vetoed his first bill on Monday, a Republican proposal that would bar pension fund managers from basing investment decisions on factors like climate change.

“I just signed this veto because a law passed by Congress would jeopardize the retirement savings of people across the country,” Biden said. video posted on twitter.

The bill was approved by Congress on March 1. The Senate voted 50-46 to pass a resolution to repeal a Department of Labor rule that makes it easier for fund managers to consider environmental, social and corporate governance, or ESG, investment issues, and shareholder rights decisions. for example, through proxy voting.

The result highlighted the willingness of Republicans to turn against their traditional allies on Wall Street and in corporate America, who adhere to what party legislators characterize as “awakened” liberal methods.

Two Democratic senators, Joe Manchin of West Virginia and John Tester of Montana, voted with the Republicans. Both are up for re-election in the Republican states in 2024. The Republican-controlled House of Representatives passed the bill in February.


President Biden
“I just signed this veto because a law passed by Congress would jeopardize the retirement savings of people across the country,” Biden said.
REUTERS

Republicans argue that the rule, which applies to plans that collectively invest $12 trillion on behalf of 150 million Americans, politicizes the investment, allowing plan leaders to pursue liberal goals that they say will hurt financial performance.

“It is clear that President Biden wants Wall Street to use your hard-earned money not to increase your savings, but to fund a far-left political agenda. It will hurt the elderly and workers,” Republican House Speaker Kevin McCarthy said on Monday.


Texas wind farm
The Senate voted 50-46 to pass a resolution to repeal a Labor Department rule making it easier for fund managers to consider environmental, social and corporate governance issues for investments. Above is a wind farm in Texas.
AP

Senate Democratic leader Chuck Schumer accused Republicans of meddling in private investment decisions, saying on the Senate floor that they are “imposing their views on every company and every investor.”

Manchin countered that it was the Biden administration that was pushing its “radical political agenda” on the issue.

“Despite the clear and bilateral rejection of this rule by Congress, President Biden chooses to place his administration’s progressive agenda ahead of the welfare of the American people,” Manchin said in a statement.

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