Stopping a bipartisan bill, removing a new Labor Department rule encouraging retirement fiduciaries to consider environmental, social and corporate governance (ESG) issues in their investments, President Biden’s first veto of record sent the bill back to Congress. The veto came against the bipartisan bill, striking down the administration’s new rule promoting the woke ESG ideology, with the president saying his decision was due to heavy "MAGA Republican" influence in the bill.
Instead of focusing on only profitability and return on investment for retirees, under the new rule, fiduciaries who make investment decisions for the retirement plans of more than 150 million people, would be explicitly permitted, under federal guidelines, to consider companies’ approach to climate change and other social issues.
Biden announced in a Monday tweet-
"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,"
-President Joe Biden
The backlash from Republicans and Democrats was swift and to the point. Understandably, they are not happy with the president’s move especially the bills architect, Rep. Andy Barr of Kentucky. In a statement to Fox News, Barr said-
"President Biden’s first veto is on a bipartisan, bicameral measure that I championed through Congress to protect retail investors,"… "Instead of siding with Americans, who are increasingly unable to afford retirement, Biden’s veto puts the climate activists and special interest groups he is beholden to ahead of middle-class American investors."…"It’s a shame, and it further reflects his priorities and who he really represents in office,"
-Rep. Andy Barr (R) Kentucky
Rep. Jodey Arrington, (R) Texas, ripped into the veto, saying that people-
"who invest our hard-earned money should be focused on financial value, not virtue signaling."…"This week, Congress passed a bipartisan bill to protect pensioners and retirees from activists who want to use their savings to advance a political agenda," and "President Biden's threat to veto this legislation shows that he's more interested in placating the Radical Left than listening to the American people — and even Members of his own party in Congress."
-Rep. Jodey Arrington, (R) Texas
Also slamming the president’s veto, Senator Mike Braun, (R) Ind., wished Biden luck on "explaining this one" to the American people. In his comments Braun said-
"Today President Biden used his first veto to reject bipartisan consensus in the House and Senate that Americans’ retirement savings should be invested to get the best return, not to support woke nonsense," adding…"Good luck explaining this one,"
-Senator Mike Braun, (R) Ind.
In joining his Indiana colleague in blasting the president’s move, Senator Markwayne Mullin (R) Oklahoma, said-
"Biden administration’s reckless ESG rule proves nothing is off limits when it comes to Joe Biden’s radical green agenda – even Americans’ hard-earned retirement savings."…"During a time of record inflation, Biden wants to make matters worse by allowing climate activists to hijack investment returns," … "It’s a shame."…"Despite bipartisan opposition, the president is doubling down on bad policy and leaving hard-working Americans to pay the price,"
-Sen. Markwayne Mullin (R) Oklahoma
Reportedly, Rep. Austin Scott, R-Ga., also torched Biden’s veto, saying-
"Biden’s woke ESG agenda is unfair to Americans and does nothing but drive American industry to other countries."…"Biden is once again putting his leftist agenda over supporting bipartisan work for Americans in Congress,"
-Rep. Austin Scott, (R) Ga
A former Democrat, who became a Republican, Rep. Jeff Van Drew, (R) N.J, demolished Biden’s touting of a "bipartisan" presidential image while he vetoes bipartisan legislation. Van Drew added-
"It’s ironic how President Biden touts about being a ‘bipartisan president’, then turns around and vetoes a bipartisan bill," … "There is Republican and Democrat opposition to the Labor Department’s harmful changes to the way Americans’ retirement funds are invested, yet this President does not care." continuing… "It is abundantly clear, through President Biden issuing over 100 executive orders since taking office, that what Congress and the American people want comes secondary to his enactment of far-left policies," Van Drew continued-
"He is threatening retirement accounts of millions of Americans, but as long as it fits into his ‘woke’ agenda, I guess that’s not important," … "Doesn’t sound too bipartisan to me."
- Republican, Rep. Jeff Van Drew, (R) N.J.
Also blasting Biden for the veto on Monday, Sen. Joe Manchin, D-WV, declared Biden was placing "radical" social agendas over the American people. He wrote-
"This Administration continues to prioritize their radical policy agenda over the economic, energy and national security needs of our country, and it is absolutely infuriating,"… "West Virginians are under increasing stress as we continue to recover from a once in a generation pandemic, pay the bills amid record inflation, and face the largest land war in Europe since World War II. The Administration’s unrelenting campaign to advance a radical social and environmental agenda is only exacerbating these challenges."
-Sen. Joe Manchin, (D) WV
Though it’s been sent back to Congress, it remains unlikely Biden’s veto will be overturned by the legislative branch with the split chambers. A way to feed the radical lefts agenda, with funding, this new Labor Department rule could affect millions of Americans’ retirement accounts, all while feeding the coffers of left-leaning institutions.
If they can’t convince the nation to support their woke agenda – they’ll just steal it out from under their investment accounts. And if the investments aren’t so profitable – they don’t have to care, the radical-left got what they wanted. Money talks – just ask Joe Biden and his friends in China.
America needs a real referendum on the radical-left and Biden in 2024.
“I am a firm believer in the people. If given the truth, they can be depended upon to meet any national crisis. The great point is to bring them the real facts.
-Abraham Lincoln