The legislation would have reversed the Labor Department rule.
“I just vetoed my first bill,” President Biden announced Monday.
The Labor Department had previously issued a rule allowing money managers to weigh climate change and other ESG (environmental social, governance) factors when making decisions on behalf of clients in such things as retirement accounts.
The House passed a bill to undo the rule and the Senate approved the bill by a slim margin, sending it to the desk of the president.
“The President vetoed the bill because it jeopardizes the hard-earned life savings of cops, firefighters, teachers, and other workers,” White House spokesperson Robyn Patterson stated.
The likelihood of overriding the president’s veto is slim and it would need two-thirds of both chambers to vote to make the bill law.
As the Lord Leads, Pray with Us…
- For the president and his administration as they pursue climate goals.
- For members of Congress as they attempt to counter changes to retirement account management.
Sources: The Hill, ABC News
