(RepublicanDaily.org) – President Biden issued the first veto of his presidency on March 21. His veto overturned a motion to repeal an ESG ruling regarding the use of 401(k) retirement funds, CNBC reported. As the president vetoed the ESG ruling, he “singled out” Representative Marjorie Taylor Greene, wrote Fox News. Biden stated that his veto was, in his view, to protect investments from legislation that would make it illegal to consider risks that “MAGA Republicans don’t like,” Fox News reported.
The Biden veto was met with harsh criticism, Fox News reported. Senator Joe Manchin (D.WV) reportedly stated that Biden’s veto was placing a “radical” agenda over Americans. Manchin stated that Biden continued to “prioritize” radical policy agendas over economic, energy, and national security needs, Fox News reported.
The Biden veto reportedly “unwound” a ruling by the Trump administration that “barred” employers from considering “environmental, social, and governance” funds in 401k savings, CNBC reported.
The Trump administration motioned to “squash” socially responsible investing in 2020, CBS reported on July 16, 2020. At that time, the Trump administration reportedly moved to “curtail” socially responsible investment planning. The Department of Labor had then proposed changing a rule that would discourage socially responsible investing, a rule that affected “$10 trillion held in U.S. retirement plans,” CBS reported. CBS wrote that the Trump administration had reportedly seen investments in ESG as a “threat’ to fossil fuel investing.
Biden attributed his reason for vetoing the motion to the influence of “MAGA Republicans,” Fox News reported. The conservative ESG motion was meant to prevent pension fund managers from making decisions based on things such as “climate change,” Reuters reported.
Biden stated that he pushed through the veto because the ruling would have, in his view, put the “savings of individuals” across America at risk, Investopedia wrote.
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