Biden uses veto to defend ESG investing, Manchin decries move as advancing policy over needs

by ian

In the first veto of his presidency – Joe Biden blocked a Republican bill that would bar fund managers from basing investment decisions on factors like climate change.

The bill passed through Congress earlier this month, in an effort to overturn a Labor Department rule on ESG investing.

Republicans say it pressures companies to pursue progressive ideology over profits. Louisiana Senator Bill Cassidy says it will hurt retirement accounts.

It’s not just Republicans who disagree with the rule. West Virginia Democrat, Senator Joe Manchin, voted with Republicans on the now vetoed bill. He says ESG could ruin the economy.

Manchin released a statement after the veto, accusing Biden of putting a “radical policy agenda” over the needs of the country.