Biden issues his first veto on retirement resolution

On Monday, President Joe Biden exercised his veto power for the first time in his presidency, vetoing a bill that was mostly influenced by “MAGA Republicans.”

The Republican-led legislation discouraged the Biden administration from considering environmental, social, and governance (ESG) issues in investment decisions. Republicans argue that ESG is merely a measure of a company’s loyalty to a “woke” cultural movement and, therefore, isn’t a legitimate concern.

Biden rejected the bill, citing the potential risk to people’s retirement savings by making it illegal to consider the risk factors the MAGA House Republicans dislike, which puts the plan manager’s responsibility at risk. Fiduciaries, under a new Department of Labor ruling, would have to consider ESG in investment dealings for retirement savings of over 150 million Americans, according to this rule.

Senator Joe Manchin (D-W.Va.) criticized Biden for using his veto power, allegedly putting a “radical” social agenda ahead of the American people, following the veto. Senate Majority Leader Chuck Schumer defended the rule, emphasizing that the focus should be on the companies’ approach to climate change and social issues to minimize risk and maximize returns.

With Biden’s veto, the bill will go back to Congress, but it is unlikely to obtain the two-thirds support required to overturn the veto.

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