Biden’s First Veto Rejects Bill Aimed At Eliminating ESG Investments

( – President Joe Biden issued his first veto Monday, March 20th signaling his contentious relationship with House Republicans as they advance their legislative agenda. The bill was aimed at removing so-called environmental, social, and governance-based (ESG) guidance for investment accounts linked to retirement programs for public employees.

In typical Biden fashion, the White House lied about the bill to justify Biden’s veto. Claiming it endangered retirement funds, their meddling in investments for environmental or other woke reasoning actually encourages worse returns. The Republican-sponsored measure would mean better performance and less concern for how the investments advance the Democrats’ ulterior agendas.

His very first veto will likely not be his last, showing his willingness to conflict with the GOP now that Republicans control the House. Their control of the Senate is very tenuous, the current party lines are split right down the center with 50 representatives on each side if we count the Vice President. The Democrats only maintain their majority when all Senators are present, and Senator John Fetterman (D-PA) has been battling depression at Walter Reed Medical Center since mid-February.

The bill represents a Trump-era policy that was reversed during the Biden administration and eliminated woke considerations like ESG scores from federal managers’ considerations for retirement fund investments.

House Speaker Kevin McCarthy chastised the President, suggesting he “sided with woke Wall Street” instead of federal employees. He further pointed out that the move indicated where Biden’s priorities lie, and with whose opinion he concerns himself.

Unfortunately without a 2/3rds majority, it will be impossible for proponents to overturn the veto, and it is highly unlikely Democrats would vote against Biden. There were a handful of Democrats in the House and Senate who supported the bill, including Rep Jared Golden (D-ME), Sens. Jon Tester (D-MT), and Joe Manchin (D-WV).

Manchin ripped the Biden administration suggesting they “prioritize their radical policy” over the financial security and long-term planning needs of average Americans.

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