The GOP-controlled House passed the ESG bill this month and the U.S. Senate followed that up with a 50-46 vote to send it to Biden’s desk. “Two Senate Democrats, Sens. Joe Manchin (W.Va.) and Jon Tester (Mont.) joined Republicans in opposing the Biden administration policy, saying they felt it was a case of government overreach that would impose a policy agenda on Americans’ retirement accounts,” The Hill newspaper reported. “The President vetoed the bill because it jeopardizes the hard-earned life savings of cops, firefighters, teachers, and other workers — all in service of an extreme, MAGA Republican ideology,” White House representative Robyn Patterson said on Monday. It is clear that Congress does not have the votes to override Biden’s veto because they would need the support of two-thirds of each chamber to put the bill into law above the veto. Sen. Mike Braun (R, IN) blasted the president for blocking the bi-partisan bill meant to safeguard America’s retirement funds. “Today, President Biden used his first veto to reject a bipartisan majority consensus in the House and Senate that Americans’ retirement savings should be invested to get the best return, not to support a political agenda,” Braun said, adding that Biden was “doubling down on prioritizing a progressive agenda over Americans’ retirements and the will of Congress.” In a tweet, Braun added that he won’t stop pushing to end Biden’s ESG investing rules.
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
Arkansas Republican Sen. Tom Cotton also took a swipe at Biden saying, “Joe Biden’s first veto as president: letting retirement fund managers prioritize ESG scams over the best-performing investments.”
Today, President Biden used his first veto to reject a bipartisan majority consensus in the House and Senate that Americans’ retirement savings should be invested to get the best return, not to support a political agenda. I’m proud to lead this challenge, and we won’t stop here.— Senator Mike Braun (@SenatorBraun) March 20, 2023
House Republicans also slammed Biden in a tweet saying, “Your retirement savings are your money, not Joe Biden’s,” and added, “Wall Street should maximize your returns, not fund Biden’s Far Left political agenda.”
Joe Biden’s first veto as president: letting retirement fund managers prioritize ESG scams over the best-performing investments.Why is he playing games with working people’s retirement money? https://t.co/KaAex5TMDy — Tom Cotton (@SenTomCotton) March 20, 2023
House Speaker, Kevin McCarthy (R, CA) took aim at Biden and warned about his “new, woke, ESG regulation, which could use your retirement savings to fund political activism.”
Your retirement savings are your money, not Joe Biden’s.Wall Street should maximize your returns, not fund Biden’s Far Left political agenda. https://t.co/3YxDoeDLMz — House Republicans (@HouseGOP) March 20, 2023
Biden’s tone-deaf veto comes on the heels of the collapse of Silicon Valley Bank which operated in exactly the political manner that Biden’s ESG rules encourage. SVB invested in all manner of woke policies and investments but went under after failing to fulfill their fiduciary duties by pushing woke politics instead of making sound investment decisions. And now, Biden wants to SVB all our retirement funds to help put money in the pockets of his left-wing, green energy, climate change, and BLM political allies. This article appeared originally on The Western Journal.
Do you have a retirement plan through work? If so, you won’t like Biden’s new woke, ESG regulation, which could use your retirement savings to fund political activism.The good news is Congress blocked it—but now the President is threatening to veto… pic.twitter.com/ARv4qBZxkt — Kevin McCarthy (@SpeakerMcCarthy) March 15, 2023