JUST IN: Biden has issued the first veto of his presidency for a bill that would've repealed a Labor Dept. rule allowing retirement fund managers to consider ESG principles in their investment decisions.
The House has scheduled a veto override vote on the legislation on Thursday.Two vulnerable Senate Democrats up for re-election in 2024 — Sens. Joe Manchin and Jon Tester — broke with the White House earlier this month and joined Republicans in passing a House bill that would strike down the Labor Department's rule.
In order for the bill to become law, both chambers of Congress must pass it again with at least two-thirds of each body voting in favor.he vetoed the legislation because "it would put at risk retirement savings of individuals across the country." "They couldn't take into consideration investments that would be impacted by climate, impacted by overpaying executives. And that's' why I decided to veto it. It makes sense to veto it," he added.
"The President vetoed the bill because it jeopardizes the hard-earned life savings of cops, firefighters, teachers, and other workers – all in service of an extreme, MAGA Republican ideology," White House spokesperson Robyn Patterson said in a statement on Monday.The Labor Department rule doesn't require fiduciaries for private companies to do anything but permits them to include ESG considerations in investment decisions.
Supporters of the ESG framework say it allows investors to support companies that are attempting to manage risks related to environmental, social, and governance criteria, such as the
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