Biden vetoes bill to block Labor Dept. rule on ESG investing

President Biden on Monday vetoed his first bill — blocking a Republican-led effort to restrict pension funds from making investment decisions based on factors such as climate change.

“I just signed this veto because the legislation passed by the Congress would put at risk the retirement savings of individuals across the country,” Biden said in a tweeted video.

The bill passed Congress on March 1 after two Senate Democrats, Joe Manchin of West Virginia and Jon Tester of Montana, voted in favor, allowing it to prevail 50-46 in the Democrat-held chamber.

The resolution would reverse a Labor Department rule making it easier for funds to consider environmental, social, and corporate governance, or ESG, issues.

Source: Biden vetoes bill to block Labor Dept. rule on ESG investing