The bill sought to prevent Biden's administration from taking environmental, social, and corporate governance (ESG) issues into account when making investment decisions.
March 21, 2023
Earlier today Biden Tweeted: "I just vetoed my first bill. This bill would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don't like. Your plan manager should be able to protect your hard-earned savings — whether Rep. Marjorie Taylor Greene likes it or not."
The bill targeted a new Labor Department rule that encouraged private retirement plan fiduciaries to consider ESG when making investment decisions. This rule allowed fiduciaries to factor in a company's approach to climate change and other social issues, in addition to profitability and return on investment.
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Sen. Joe Manchin, D-WV, condemned the veto and accused Biden of prioritizing his "radical policy agenda" over the needs of the American people. In a statement, Manchin said, "West Virginians are under increasing stress as we continue to recover from a once in a generation pandemic, pay the bills amid record inflation, and face the largest land war in Europe since World War II. The Administration’s unrelenting campaign to advance a radical social and environmental agenda is only exacerbating these challenges."
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The President's veto of the bill now sends it back to Congress, but it is unlikely to receive the two-thirds majority support required to override the decision. According to Fox News' Peter Kasperowicz, the legislation has been roundly rejected.
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