Biden vetoes resignation resolution for first time – One America News Network

(AP Photo/Susan Walsh)

OAN Brooke Mallory
Updated 3:58 PM – Monday, March 20, 2023

President Joe Biden on Monday vetoed the bill for the first time in his presidency, claiming the bill was largely influenced by “MAGA Republicans.”

Republican-led legislation discourages the Biden administration from considering environmental, social and governance (ESG) issues in investment decisions.

Republican lawmakers argue that ESG is a measure of a company’s loyalty to the “awakened” cultural movement and should not be taken as legitimate.

The news broke Ron DeSantis (Florida Republican) and 18 other states and their governors, Standing together to tackle ESG.

The bill explicitly ends enforcement of a new Labor Department ruling that requires trustees of private pension plans to consider ESG in investment transactions.

“I rejected the first bill. This bill puts your retirement savings at risk by making it illegal to consider risk factors MAGA House Republicans don’t like. Plan Manager should be able to protect your hard-earned savings whether Rep. Marjorie Taylor Greene likes it or not,” Biden said in a tweet Monday.

Under the rule, fiduciaries who make investment decisions for retirement savings for more than 150 million people should, under federal guidelines, focus on profitability and return on investment rather than just profitability. , will first consider a company’s approach to climate change and other social issues.

On Monday, Senator Joe Manchin, DW.Va., condemned Biden for vetoing and said the president had set a “radical” social agenda ahead of the American people.

“This administration continues to prioritize its radical policy agenda above our country’s economic, energy and national security needs, which is completely infuriating… as we continue to recover from a once-in-a-generation pandemic. People in West Virginia are under increasing stress as the state bills amid record inflation and faces Europe’s largest land war since World War II. The government’s constant campaign to advance its social and environmental agenda will only exacerbate these challenges.President Biden has urged the administration’s progressive agenda to take precedence over the well-being of the American people. I am choosing,” Manchin expressed.

Senate Majority Leader Chuck Schumer defended the rule, saying Republicans are “using the same tired attack we’ve heard a while because this is more arousing…but Republicans are important.” Missing or ignoring one point: Labor has nothing.” Department rules impose authority. It’s not about ideological preferences, it’s about looking at the biggest possible picture of an investment to minimize risk and maximize return,” said Schumer.

With Biden’s veto, the bill is now back in Congress, but it’s unlikely to get the two-thirds support needed to overturn the president’s veto.

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https://www.oann.com/newsroom/biden-issues-his-first-veto-on-retirement-resolution/?utm_source=rss&utm_medium=rss&utm_campaign=biden-issues-his-first-veto-on-retirement-resolution Biden vetoes resignation resolution for first time – One America News Network

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