Biden vetoes anti-ESG investing regulations bill

Biden vetoes anti-ESG investing regulations bill.

“The Department of Labor’s final rule protects the hard‑earned life savings and pensions of tens of millions of workers and retirees across the country” Biden said.

“There is extensive evidence showing that environmental, social, and governance factors can have a material impact on markets, industries, and businesses. 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,” Biden added.

“Retirement plan fiduciaries should be able to consider any factor that maximizes financial returns for retirees across the country. That is not controversial — that is common sense,” he said.

“This bill would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don’t like,” Biden said in the tweet. “Your plan manager should be able to protect your hard-earned savings — whether Representative Marjorie Taylor Greene likes it or not,” he said.

“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,” said White House spokesperson Robyn Patterson.