According to Biden in a video uploaded on Twitter, the proposed legislation would have prevented pension fund managers from basing their investment choices on things like climate change and the overpaying of executives. Biden added in the video, “I just signed this veto because the measure enacted by the Congress will jeopardize people’s retirement funds across the country.
On March 1, Congress approved the measure by a vote of 50 to 46. Joe Manchin of West Virginia and Jon Tester of Montana, both Democratic senators running for reelection in GOP-leaning states next year, contributed their votes to the Republican majority.
President Biden is choosing to prioritize his administration’s progressive agenda over the needs of the American people, Manchin said in a statement, according to Reuters, despite a clear and bipartisan rejection of the regulation from Congress.
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The Canceled Bill Includes Investments Totaling $12 Trillion for 150 Million Americans.
It is obvious that President Biden wants Wall Street to use his hard-earned money to finance a far-left political agenda rather than helping you increase your savings. According to a statement made by Republican House Speaker Kevin McCarthy, according to Reuters, this will harm workers and pensioners.
Democrats and Biden said that Republicans were attempting to block consideration of factors that contradicted their agenda.
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This legislation would jeopardize your retirement funds by forbidding the consideration of risk factors MAGA Republicans in the House don’t like. Regardless of Rep. Marjorie Taylor Greene’s feelings, your plan manager should be allowed to safeguard your hard-earned assets, according to Biden, as quoted in The Hill.
The investment rule’s proponents contend that by taking ESG considerations into account, individuals can make a positive difference while minimizing the financial risks associated with climate change.
The Associated Press said that if Biden hadn’t vetoed the new legislation, it would have effectively reinstated a Trump-era rule that prohibited managers of federal retirement plans from taking into account social implications, pending lawsuits, and climate change when making investment decisions.
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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, said White House spokesperson Robyn Patterson in a statement, according to The Hill.