Biden issues first veto on green investing rule

by Rachel Frazin and Zack Budryk - 03/20/23 5:55 PM ET

Energy & Environment

The Big Story

Biden rejects anti-ESG bill in first presidential veto

The president used the first veto of his presidency to block a resolution against a Labor Department rule on environmental, social and governance (ESG) investing.

The Congressional Review Act (CRA) allows Congress to override executive branch rules by simple majority. The rule in question allowed money managers to incorporate ESG, or considerations relating to factors like climate change, along with purely economic factors.

After the measure passed the House, two Democratic senators, Sens. Joe Manchin (D-W.Va.) and Jon Tester (D-Mont.), joined all Republicans in backing it.

“This bill would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don’t like,” Biden said in a statement accompanying the veto.

“Your plan manager should be able to protect your hard-earned savings — whether Rep. Marjorie Taylor Greene [R-Ga.] likes it or not,” he said.

Read the full report at TheHill.com.

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