Biden Issues Veto to Protect Woke Leftist ESG Investing Rule

Wikispooks
President Biden issued his first veto since taking office, rejecting a bill that would have nullified a Labor Department rule permitting fiduciaries to consider environmental, social and governance (ESG) factors when making investment decisions for retirement portfolios. Both the GOP-controlled House and the Democrat-controlled Senate voted to send the bill to Biden’s desk. The White House had previously promised that Biden would veto the bill it if passed.

Consumers’ Research said, “This veto by President Biden goes directly against the interests of the American people and once again creates an illegitimate loophole for companies like BlackRock, State Street and Vanguard to exploit to put politics over profits with American pension dollars.”

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The woke industrial complex scored a win on Monday after President Biden issued his first veto since taking office, rejecting a bill that would have reversed a Labor Department rule permitting fiduciaries to consider environmental, social and governance (ESG) factors when making investment decisions for retirement portfolios.

“I just vetoed my first bill,” Biden tweeted. “This bill would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don’t like. Your plan manager should be able to protect your hard-earned savings — whether Rep. Marjorie Taylor Greene likes it or not,” he added.

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The veto came as no surprise, and comes on the heels of a previous rule issued by the Biden administration that allowed ESG factors when making investment decisions on behalf of clients – replacing a Trump-era rule that discouraged ESG factors “even in cases where it is in the financial interest of plans to take such considerations into account.”

Both the GOP-controlled House and the Democrat-controlled Senate voted last Wednesday to send the bill to Biden’s desk – with Democrat Sens. Joe Manchin and Jon Tester joining Republicans in opposing the Biden administration’s policy. The White House had previously promised that Biden would veto it if passed.

“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, The Hill reports, adding that Congress is unlikely to be able to override the veto, which would require the support of two-thirds of both chambers.

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Ragnar D.
Ragnar D.
1 year ago

That old grifter Joe Biden is just protecting his own interests. The globalist banking system can’t have non-woke companies succeeding, so the corporate social credit score known as ESG needs to be kept in place. Keep in mind that our overlords are planning for each of us to have our own personal social credit score; you can bet that Biden would also veto any legislative threat to this system as well.