(LibertySociety.com) – President Biden issued his first veto on Monday, March 20th, 2023, rejecting legislation that would stop the enforcement of a new rule from the Department of Labor which recommends fiduciaries that manage retirement plans to make investments into companies that have adopted environmental, social, and governance (ESG) standards. Critics of the new rule have accused President Biden of politicizing retirement investments, which they say should be made based on getting the maximum amount of returns for retirees, not the agenda of his administration.
Senator Joe Manchin, D-W.Va., and Senator Jon Tester, D-Montana, are the two Democrats who joined the Republicans in the Senate to get this legislation passed. Senator Manchin released a statement expressing his anger over President Biden’s decision to veto the bipartisan legislation, calling the move “infuriating” and saying it would weaken “energy, national, and economic security.” He called out Biden, stating that he is placing the administration’s “progressive agenda” over the needs of Americans.
Biden posted a video with a message to his Twitter account after the veto, taking aim at the House of Representatives, making the claim that the bill he vetoed would have risked people’s retirement savings. He said that it would also result in “making it illegal to consider risk factors MAGA House Republicans don’t like.” He also claimed that the ESG rule would protect retirement accounts, which has been disputed by critics.
Republicans are also expressing their disappointment in President Biden’s decision to veto the legislation. Representative Andy Barr, R-Ky., who crafted the bill, is one of them. Some have called out President Biden for allowing environmental groups and activists to have a hold over his administration while placing the needs and well-being of retiring Americans on the back burner.
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