(Dmytro “Henry” Aleksandrov, Headline USA) Joe Biden issued his first veto on Monday, blocking a measure by Congress to a Labor Department rule that allows retirement plans to consider environmental, social and governance factors when making investment decisions.
The Democrat-controlled Senate passed the GOP-led effort last week, with the White House saying the measure would likely get a veto from Biden, according to Just The News.
“There is extensive evidence showing that environmental, social and governance factors can have a material impact on markets, industries and businesses,” Biden said after he issued the veto.
“But the Republican-led resolution would force retirement managers to ignore these relevant risk factors, disregarding the principles of free markets and jeopardizing the life savings of working families and retirees.”
The Senate’s 50-46 vote Wednesday came one day after the House voted 216-204 to pass the measure.
As expected, politicians who supported the measure didn’t approve of the veto, saying that the Labor Department rule would enable poor industry practices and hurt Americans.
“President Biden’s decision to veto makes it clear that he prioritizes a woke political agenda above bringing relief to families who are needlessly suffering under his economy. Misguided ESG policies meant to force a transition to green energy will raise the cost of gasoline, natural gas, and heating oil for decades to come.” State Financial Officers Foundation CEO Derek Kreifels said.
“These same measures will also impact the food supply chain, adding burdensome costs to farmers and ranchers that will inevitably be passed to consumers,” he added. “Allowing retirement plans to include ESG considerations takes financial decisions out of the hands of the American people and puts progressives in charge.”
House Majority Leader Steve Scalise, R-La., told Breitbart that blue-collar workers are going to be hurt the most.
“If you’re a worker, a blue-collar worker who just wants to retire and enjoy the highest yield from your 401(k) so that you can have the best retirement possible, then you should be able to have confidence that when you’re investing your retirement funds that the government is helping encourage you to get the highest rate of return, not the lowest rate of return,” Scalise said.
“And ESG hurts blue-collar workers the hardest because it takes money out of their retirement accounts.”
Sen. Joe Manchin, D-W.Va., also criticized Biden.
“Despite a clear and bipartisan rejection of the rule from Congress, President Biden is choosing to put his Administration’s progressive agenda above the well-being of the American people,” he said.
“This ESG rule will weaken our energy, national and economic security while jeopardizing the hard-earned retirement savings of 150 million West Virginians and Americans.”