Breaking: Biden Issues First Veto of Presidency, Blocks Anti-ESG Resolution Passed by Congress

President Biden issued the first veto of his presidency on Monday, blocking a resolution passed by Congress that would have prohibited retirement-plan fiduciaries from considering environmental, social, and governance (ESG) factors in making their investment decisions.

“I just signed this veto because the legislation passed by the Congress would put at risk retirement savings of individuals across the country,” Biden said in a video published on Twitter. “They couldn’t take into consideration investments that would be impacted by climate impacted by overpaying executives.”

I just vetoed my first bill.

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. pic.twitter.com/PxuoJBdEee

— President Biden (@POTUS) March 20, 2023

The veto was the first of Biden’s term.

In early March, both chambers voted to pass a resolution blocking a Labor Department rule that makes it easier for investors to take into account climate change and other social factors, rather than focusing solely on returns for retirees.

Republicans characterized the rule as a “woke” innovation of the Biden administration that will financially harm Americans. Some ESG proposals restrict holding equity in certain lucrative industries, such as energy, and could therefore cause diminished portfolio performance.

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Biden Issues First Veto of Presidency, Blocks Anti-ESG Resolution Passed by Congress Congress voted to block a Labor Department rule allowing retirement-fund fiduciaries to take ESG factors into ... READ MORE ADVERTISEMENT The Simple Ways to Prepare for An Uncertain Economy! If you have money tied up in traditional assets like savings accounts, 401(k)s, IRAs, or real estate, then it may be time to consider diversifying with physical gold! Learn how and request a FREE Copy of the NEW Gold Information Kit from Gold Alliance. Learn more Follow Us & Share 19 West 44th Street, Suite 1701, New York, NY, 10036, USA Your Preferences | Unsubscribe | Privacy View this e-mail in your browser.