President Joe Biden issued his first veto on Monday, rejecting a bipartisan bill that would have reversed his Labor Department ruling allowing left-wing environmental, social and governance (ESG) policies to be considered in retirement investing.
“I vetoed Bill One,” Biden said in a tweet announcing the move.
“This bill could risk your retirement savings by making it illegal to consider risk factors that House Republicans don’t like from the MAGA,” Biden said. “Your plan manager should be able to protect your hard-earned savings — whether Rep. Marjorie Taylor Greene likes it or not.”
I just declined my first bill.
This bill could risk your retirement savings by making it illegal to consider risk factors that House Republicans don’t like from the MAGA.
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 legislation Biden was referring to was HR 30, a Congressional Review Act (CRA) resolution that would invalidate the Biden Department of Labor’s ESG rule.
In the end, the norm managed Fund managers balance climate change and prioritize ESG initiatives, a left-wing form of activism in financial investing, when choosing retirement investments and exercising shareholder rights, such as voting by proxy. This was also a reversal from a rule put in place under former President Donald Trump to protect Americans’ retirement plans.
The legislation passed the Republican-controlled House of Representatives and the Democratic-controlled Senate to gain access to the office of the president. In the Senate, Democratic Sens. Joe Manchin (WV) and Jon Tester (MT) joined Republicans in passing legislation opposing Biden’s Labor Department policy.
Before Biden formally vetoed the legislation, the White House said the president would reject it if Congress passed it. The House of Representatives has already set a date for the vote to override Biden’s veto on March 23. However, with a slim majority in Congress, Congress is unlikely to be able to override Biden’s veto because it would require two-thirds support from both houses.
After the veto, West Virginia’s Treasurer Riley Moore — who has been leading the statewide indictment against ESG rules — blasted the president for making it clear that he “stands for the awakened capitalists” and their radical global agenda rather than the best interests and security. finances of the American people.
Moore further explained: “A bipartisan majority in Congress has spoken loud and clear that they believed this rule to be harmful and gone too far, and yet President Biden chose to ignore the will of the people’s elected representatives.” “Congress is supposed to write the laws in this country, not unelected bureaucrats serving deep state agendas.”
“This rule will allow the elites on Wall Street to use the pension and retirement plans of millions of hard-working Americans to advance left-wing social agendas that undermine the values and way of life of our citizens,” the state treasurer added.
Jacob Bliss is a correspondent for Breitbart News. Write to him on jbliss@breitbart.com or follow him on Twitter @employee.
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