US President Joe Biden on Monday said that he vetoed the first bill of his presidency, turning back legislation that would repeal a Labor Department rule allowing retirement fund managers to consider environmental, social and governance (ESG) factors in investments
WASHINGTON (Pakistan Point News / Sputnik - 20th March, 2023) US President Joe Biden on Monday said that he vetoed the first bill of his presidency, turning back legislation that would repeal a Labor Department rule allowing retirement fund managers to consider environmental, social and governance (ESG) factors in investments.
"I just vetoed my first bill. This bill would risk your retirement savings by making it illegal to consider risk factors MAGA (Make America Great Again) House Republicans don't like," Biden said via social media.
Earlier this month, Congress passed a resolution repealing the Labor Department rule allowing for ESG factors to be considered in retirement fund investment decisions. US Senate Minority Leader Mitch McConnell said the rule allows Americans' retirement savings to be used to push left-wing political causes while reducing returns on investment for workers.
Biden returned the legislation to Congress with an explanation of his veto, claiming that ESG factors can have a "material impact" on markets, industries and businesses.
The Republican-led legislation received support from Democratic Senators Joe Manchin and Jon Tester, passing the Senate in a vote of 50-46. The bill passed the US House of Representatives in a vote of 216-204.
Congress can only override a veto with a two-thirds vote in both chambers.
