Joe Biden issued his first veto Monday.
The White House resident vetoed legislation that would prevent his administration from considering ESG (environmental, social, and governance) issues when making investment decisions.
Biden said the bill was overly-influenced by MAGA Republicans.
Joe Biden issues first veto on legislation during his presidency, saying it was overly-influenced by MAGA Republicans.
The bill prevented his administration from considering ESG issues when making investment decisions.
— DailyNoah.com (@DailyNoahNews) March 20, 2023
“This bill would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don’t like,” Joe Biden tweeted.
“Your plan manager should be able to protect your hard-earned savings — whether Rep. Marjorie Taylor Greene likes it or not.”
“I just signed this veto because the legislation passed by the Congress would put at risk the retirement savings of individuals across the country,” Biden said in a video message with the tweet.
“They couldn’t take into consideration investments that would be impacted by climate, impacted by overpaying executives and that’s why I decided to veto it.”
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. pic.twitter.com/PxuoJBdEee
— President Biden (@POTUS) March 20, 2023
The veto comes after the Senate voted 50-46 on March 1 to pass a resolution blocking a Labor Department rule allowing for certain retirement plans to weigh environmental, social and corporate governance factors when selecting investments, instead of making decisions based solely on the best rate of return.
In the Senate vote, Democratic Sens. Joe Manchin of West Virginia and Jon Tester of Montana joined Republicans to pass the measure.
The House passed it on Feb. 28 in a 216-204 vote, with Rep. Jared Golden of Maine bucking his party to vote with Republicans.
A two-thirds majority is needed in each chamber to override a veto.
Rep. Andy Barr, R-Ky., introduced the measure in February, about two months after the Labor Department issued the investment rule. Following the Senate vote, Barr tweeted: “President Biden should abandon the radical climate activists and join us in putting middle-class savers ahead of politics.”
With the narrow passage of the legislation in both chambers, it’s highly unlikely Congress will achieve a two-thirds majority to override Biden’s veto.
The Biden administration wants to squander retirement investments for millions of Americans on a radical climate change agenda.
In reality, federal guidelines considering ESG issues scam hard-working Americans from the best rates of return and weaken an already flailing economy.
Fox News added:
Under the rule, fiduciaries that make investment decisions for the retirement plans of more than 150 million people would be explicitly permitted under federal guidelines to consider companies’ approach to climate change and other social issues, instead of focusing on only profitability and return on investment for retirees.
Sen. Joe Manchin, D-W.Va., blasted Biden for the veto on Monday, saying Biden was placing “radical” social agendas over the American people.
“This Administration continues to prioritize their radical policy agenda over the economic, energy and national security needs of our country, and it is absolutely infuriating,” Manchin wrote in a statement. “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.”
“President Biden is choosing to put his Administration’s progressive agenda above the well-being of the American people,” he added.