On Monday, President Joe Biden rejected for the first time in his presidency a proposal that would have removed a rule allowing administrators of retirement money to take into account the effects of environmental as well as social, and governance considerations when choosing investments.
Republicans in Congress took the lead in pushing for the resolution’s approval, claiming that it is a “woke” policy that forces a liberal agenda on Citizens and will harm seniors’ financial well-being. Democrats counter that the regulation is not based on ideology and will benefit investors.
Both houses of Congress approved the resolution, which would repeal a Department of Labor regulation, with Democratic Senators Jon Tester of Montana and Joe Manchin of West Virginia joining with Republicans in the Senate.
“I just submitted this veto since the bill that Congress enacted would harm the retirement funds of people all around the nation. In a video shared on social media on Monday afternoon, Biden stated, “They really cannot think about investments that weren’t touched by climate, affected by compensating executives, which is why I chose to veto it – it makes more sense to reject it.
The footage, shot in the White Office early on Monday, shows Biden issuing the veto.
