Joe Biden on Monday issued his first veto to defend his ESG rule that authorizes asset managers to prioritize funding political agendas.
Earlier this month the Senate voted 50-46 to overturn Biden’s ESG bill.
The Labor Department rule “permits fiduciary retirement fund managers to consider climate change, good corporate governance and other factors when making investments on behalf of pension plan participants.” according to CNBC.
Two Democrats voted with Republicans to block the bill so the senate doesn’t have the votes to override Biden’s veto.
Biden absurdly claimed the bill to block his Communist ESG rule would have put retirement savings at risk.
“This bill would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don’t like,” Biden said.
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
Senator Cassidy blasted Joe Biden’s ESG rule ahead of the vote a few weeks ago.
“This ESG rule that only pursues an ideological agenda of the left. It does not pursue optimal returns for the American looking at their retirement,” Cassidy said.
A message from Ranking Member @SenBillCassidy ahead of the Senate vote today to overturn President Biden's #ESG rule that authorizes asset managers to prioritize funding political agendas over the success of their clients' retirement accounts: pic.twitter.com/Y3HWeb1Ikx
— HELP Committee GOP (@GOPHELP) March 1, 2023