Senate BLOCKS Biden's ESG Rule, Biden Vows To Veto (Video)

By Ryan Canady | Saturday, 04 March 2023 07:25 PM
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Views 9K
Senate BLOCKS Biden's ESG Rule, Biden Vows To Veto (Video)

The Senate voted 50-46 against Biden’s ESG bill.

This is a piece of legislation that would have permitted companies to put a political spin on the types of investments that they decide to make.

CNBC noted that the Labor Department rule “permits fiduciary retirement fund managers to consider climate change, good corporate governance and other factors when making investments on behalf of pension plan participants.” This has become known as ESG investing, but some see it as nothing more than putting a political spin on the types of investments firms make when choosing how to grow their money.

Two Democrats voted along with all Senate Republicans in blocking the Biden bill that would have made it even easier for firms to allow ESG investing. Those opposed to ESG investing feel that its only purpose is to promote the political agenda of liberals who feel the environment and climate change are essential things in the world.

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Biden has vowed to veto the bill to peel back on ESG investing.

Senator Cassidy aimed at Biden’s ESG investing rule by saying:

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“This ESG rule that only pursues an ideological agenda of the left. It does not pursue optimal returns for the American looking at their retirement.”

CNBC reported on the action on Capitol Hill by saying:

“The Senate on Wednesday voted to overturn a Labor Department rule that permits fiduciary retirement fund managers to consider climate change, good corporate governance and other factors when making investments on behalf of pension plan participants.”

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and

“The final vote in the Senate was 50-46, with two Democratic senators crossing party lines to support the repeal bill: West Virginia Sen. Joe Manchin and Montana Sen. Jon Tester. Both are up for reelection next year in conservative-leaning states.”

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President Biden says that he will veto the bill regarding his desk. This will be the first veto of his presidency.

The House version of the same bill passed with the votes of every Republican and one Democrat. This allowed it to move to the Senate quickly, where it was passed by the Senate as well. It will go to Biden’s desk, but he says he will veto it. To override the veto, the Senate would need to vote in favor of the bill with a 2/3rds majority, which seems virtually impossible.

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