President Joe Biden vetoed a bill for the first time in his presidency on Monday, arguing that the legislation was overly influenced by “MAGA Republicans.”
The Republican-led legislation prevented Biden’s administration from taking environmental, social and corporate governance (ESG) issues into account when making investment decisions. GOP lawmakers argue ESG is a measure of a corporation’s loyalty to “woke” cultural movements and should not be taken into account.
“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 Representative Marjorie Taylor Greene likes it or not,” Biden announced in a Monday tweet.
The bill ended enforcement of a new Labor Department rule that encouraged private retirement plan fiduciaries to think about ESG in their investment decisions.
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 Representative Marjorie Taylor Greene likes it or not. pic.twitter.com/PxuoJBdEee
— President Biden (@POTUS) March 20, 2023
Do you have a retirement plan through work? If so, you won’t like Biden’s new woke, ESG regulation, which could use your retirement savings to fund political activism.
The good news is Congress blocked it—but now the President is threatening to veto… pic.twitter.com/ARv4qBZxkt
— Kevin McCarthy (@SpeakerMcCarthy) March 15, 2023
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