Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Politics

Biden could issue his first veto as Congress prepares to vote against ESG investment rule

by February 28, 2023
February 28, 2023
Biden could issue his first veto as Congress prepares to vote against ESG investment rule

President Biden may be close to issuing the first veto of his presidency as Congress is expected to pass a resolution disapproving of a Department of Labor (DOL) rule allowing retirement plan managers to factor environment, social and governance (ESG) into their investment decisions.

Lawmakers have critcized the DOL rule, saying it ‘politicizes’ and ‘jeopardizes’ the retirement savings of more than 152 million Americans. Last month, Sen. Mike Braun, R-Ind., and Rep. Andy Barr, R-Ky., introduced the bipartisan disapproval resolution, which has the backing of all GOP senators, Democratic Sen. Joe Manchin of West Virginia and more than 100 organizations.

Passage will only require a simple majority Senate vote to pass and be sent to Biden’s desk. If Sen. John Fetterman, D-Pa., is still out of the office due to being treated for clinical depression, that would let supporters pass it by at least a 50-49 vote, or a larger margin if other Democrats support it.

A GOP aide told Fox News Digital the bill will be able to pass the House and is confident there are enough votes to pass it in the Senate, even if Fetterman votes against it.

‘After a month of President Biden accusing Republicans of partisanship and trying to hurt Americans’ retirements, the next thing that comes to his desk is a bipartisan rebuke of his policy that’s hurting Americans’ retirement savings to fund his political agenda,’ said the aide.

The House is expected to vote on Wednesday, when it is easily expected to be approved, given the GOP majority. The Senate vote is expected to follow later Wednesday or on Thursday.

The White House warned Monday that Biden ‘will veto’ the bill if it is sent to his desk.

‘The President will continue to deliver for America’s workers. If the President were presented with H.J. Res. 30, he would veto it,’ said the White House in a Statement of Administration Policy defending the use of ESG factors in fiduciary decisions.

‘The rule reflects what successful marketplace investors already know – there is an extensive body of evidence that environmental, social, and governance factors can have material impacts on certain markets, industries, and companies,’ the White House argued while slamming the previous Trump administration for ‘chilling’ ESG investments.

The resolution of disapproval was proposed under the Congressional Review Act. Under that law, resolutions can be forced onto the agenda for a floor vote even if Senate Democrats oppose it. That mechanism is what is expected to allow Senate passage after GOP leaders pass it in the House.

Once it passes, Biden will have a chance to veto it, and the ESG vote could be Biden’s first time to use his veto pen. If Biden does veto it, Congress would have to approve the resolution again in a two-thirds majority vote in both chambers, a much tougher hurdle.

ESG standards are increasingly used by investors and asset managers to guide their decision-making.

The environmental factors considered often include how a corporation contributes to pollution or climate change. Social criteria examines a company’s relationship with employees, ethics, engagement with nonprofits and stake in the community. Governance considers the corporation’s leadership, overall ethics and standards, and it includes the makeup of the board of directors and the recipients of their donations.

Kelly Laco is a politics editor for Fox News Digital.

This post appeared first on FOX NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Top Republican raises alarm on Biden energy secretary’s work with China-connected group pushing gas stove ban
next post
Sector Spotlight: Market Entering Period of Strong Seasonality

You may also like

House GOP gunning for testimony from Biden Special...

February 14, 2024

EXCLUSIVE – ANDREW WEISSMANN PART IX: Weissmann Covered...

October 22, 2022

Hamas working to ‘sabotage’ Trump-backed aid group with...

June 5, 2025

HORROR: Two People Gang Up on 78-Year-Old Man,...

October 30, 2022

Nancy Mace defends Biden impeachment inquiry: ‘Facts are...

September 18, 2023

Get to know Donald Trump’s Cabinet: Who has...

January 15, 2025

Buried: Flash Floods Cause Deadly Mudslides In The...

November 1, 2022

Jim Jordan says YouTube ‘censored’ Joe Rogan interview...

October 31, 2024

CIA director blasts Democrat’s ‘offensive line of questioning’...

March 27, 2025

Dems still silent after latest batch of classified...

January 15, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025
    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,568)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved