House fails to override Biden veto of ESG legislation

The House failed to override President Joe Biden’s veto of a congressional measure to cancel a controversial Labor Department rule.

A national reject must be overridden by a two-thirds majority in the House and Senate. However, the action brings the subject of economic, social, and management, or ESG, back into the spotlight.

BIDEN IS BLASTED BY MANCHIN OVER ESG RULE VETO

A quality to repeal the Labor Department policy, which permits pension system managers to consider ESG when making opportunities, was thwarted by Biden’s veto.

The policy, which is a part of an overall ESG push, enables fiduciaries to consider SSG factors when making investment choices for retirement accounts, but it does not mandate that they do so.

Sens., a pacifist, supported the Senate’s decision to revoke the policy, which was approved 50 to 46. Jon Tester and Joe Manchin( D – MT ) respectively. Jared Golden ( D – ME ) was the only Democratic defector in the lower chamber as the House voted 216 to 204 to pass the rollback.

Republicans’ anti-ESG sentiment has been rising, but especially among those in energy-producing state who worry that the ESG initiative might” blacklist” fossil gas companies. Manchin and Tester, who represent West Virginia and Montana, both heavily rely on fuel.

Biden was hit again by Manchin after he signed the filibuster.

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The government ESG agenda, according to Manchin,” prioritizes politics over obtaining the best financial earnings for millions of Americans’ retirement investments.”

President Biden is choosing to throw his Administration’s liberal plan above the well-being of the American people, despite the fact that Congress has categorically and vehemently rejected the act, the president said in a statement.