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President Joe Biden vetos a bill designed to get ESG and climate change out of investors' portfolios

President Joe Biden used his veto stamp for the first time Monday, saying the bill would make it illegal “to consider risk factors MAGA House Republicans don’t like.”

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Wrong move as usual, you elderly clown. “MAGA House Republicans” don’t like ESG (environmental, social, and governance) investing. A year ago, the S&P Dow Jones Indices dropped electric car manufacturer Tesla from its S&P 500 ESG index, citing accusations of racial discrimination. Last summer, Florida Gov. Ron DeSantis dropped the hammer on ESG funds, limiting the consideration of political factors when investing state money.

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Phil Kerpen writes:

More than halfway through his four-year term in office, President Biden has issued his first veto: to block a bipartisan bill requiring fund managers to maximize financial returns for investors rather than compromise them to pursue so-called ESG objectives like fighting global warming and pursuing social justice.

The Trump-era rule was simple: plan fiduciaries were required to make their investment decisions solely based on “pecuniary factors,” meaning the financial interests of plan participants. Biden’s rule is the opposite: “a final rule that allows plan fiduciaries to consider climate change and other environmental, social and governance factors when they select retirement investments.”

How does this help anyone but Wall Street?

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These weren’t even “extreme MAGA” or “ultra-MAGA” Republicans, just MAGA Republicans. But as someone above pointed out, this passed the Democratically controlled Senate as well, so why single out Rep. Marjorie Taylor Greene?

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