The vetoed measure would have overturn regulation allowing retirement-plan managers to consider climate change, governance.
The mainstream American press is chortling with joy over Biden vetoing his first bill….a measure that, by Democratic Party definitions, was bipartisan.
President Biden issued the first veto of his presidency Monday, rejecting a Republican-led measure that would overturn a regulation allowing retirement-plan managers to consider climate change in their investment decisions.
The bill would have overturned a Biden administration regulation on environmental, social and corporate governance guidelines, or ESG.
The bill passed the GOP-led House Feb. 28 on a vote of 216-204, with one Democrat joining with Republicans in support.
Despite the waste of time and resources that businesses are forced to endure to comply with Environmental-Social-Governance requirements, as well as the stifling of innovation and the intrusions into privacy, the occupant of the White House asserted he was saving retirement accounts. In reality, it was just another tedious move to erase a sensible policy implemented by President Donald Trump.
“I just vetoed my first bill,” Biden said in a tweet announcing the move.
“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,” he added, referring to the Republican congresswoman from Georgia.
The Biden administration had previously issued a rule stating that money managers can weigh climate change and other ESG factors when they make decisions for retirement investments on behalf of clients. It replaced a rule from the era of former President Trump that the Biden administration said discouraged consideration of ESG factors “even in cases where it is in the financial interest of plans to take such considerations into account.”
Republicans have slammed this veto.
Congressional Republicans, understandably, are not happy with the president’s move — especially bill architect Rep. Andy Barr of Kentucky.
“President Biden’s first veto is on a bipartisan, bicameral measure that I championed through Congress to protect retail investors,” Barr told Fox News Digital. “Instead of siding with Americans—who are increasingly unable to afford retirement—Biden’s veto puts the climate activists and special interest groups he is beholden to ahead of middle-class American investors.”
“It’s a shame, and it further reflects his priorities and who he really represents in office,” Barr added.
Senator Mike Braun, R-Ind., also slammed the president’s veto, wishing Biden luck on “explaining this one” to the American people.
“Today President Biden used his first veto to reject bipartisan consensus in the House and Senate that Americans’ retirement savings should be invested to get the best return, not to support woke nonsense,” Braun said.
“Good luck explaining this one,” he added.
Joe Biden’s first veto as president: letting retirement fund managers prioritize ESG scams over the best-performing investments.
Why is he playing games with working people’s retirement money? https://t.co/KaAex5TMDy
— Tom Cotton (@SenTomCotton) March 20, 2023
I expect the consequences of this move will be as dire and as bad for this country as all the other anti-Trump actions have taken.DONATE
Donations tax deductible
to the full extent allowed by law.