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.”

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

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.

Biden's veto is why I formed an alliance of freedom-loving states to combat the threat posed by ESG.

Now with Virginia, our 20-state coalition will protect our citizens against powerful economic actors using their financial might to impose an ideological agenda. https://t.co/3YSZl712EE

— Ron DeSantis (@GovRonDeSantis) March 20, 2023

This is a 100% total lie.

The bill only required fiduciaries to act in the financial interests of investors, period.

Biden's rule (backstopped by this veto) allows "non-pecuniary factors," that is, putting politics ahead of your retirement security.https://t.co/FO5DuOhaXg https://t.co/Si9XiGI70O

— Phil Kerpen (@kerpen) March 20, 2023

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?

Fascinating to lump Tester and Manchin (who you need to pass basically anything) in with “MAGA Republicans.”

This is such lazy communications strategy. https://t.co/R1sFVRJzyM

— Matt Whitlock (@mattdizwhitlock) March 20, 2023

Why don't you tell people what the bill was?

— Ian Miles Cheong (@stillgray) March 20, 2023

President Biden issued a rule that allows money managers for retirement accounts to use ESG as the reason for an investment. Previously, fiduciaries had to invest based on the best rate of return.

My bill struck down the Biden rule, with a bipartisan vote in both chambers.

— Senator Mike Braun (@SenatorBraun) March 20, 2023

"Risk factors Republicans don't like" is an extremely dishonest description of "non-pecuniary factors," that is, letting fund managers prioritize politics over investment returns.https://t.co/FO5DuOhaXg

— Phil Kerpen (@kerpen) March 20, 2023

The people who manage your retirement savings should only have one thing to consider: Your retirement security.

Once again Biden is prioritizing far-left special interests over the economic well-being of the American people.

— Tommy Pigott (@TommyPigott) March 20, 2023

Referring to MAGA and MTG in a response to your first veto is regrettably weak. Simply by pointing to them, I am 100% more suspicious of your veto than I would have been otherwise.

— El (@ElysabethBritt) March 20, 2023

MAGA house Republicans?

Correct me if I am wrong, but doesn’t a bill have to pass both chambers in order to make it to your desk?

I wonder who controls the Senate?

— Joshua Niday (@JoshuaNiday_) March 20, 2023

What a disingenuous way to justify vetoing a bill that would require plan managers to invest for returns rather than ESG goals. Have you no shame, sir?

— Enguerrand VII de Coucy (@ingelramdecoucy) March 20, 2023

He does not

— Cryssie Adams (@CryssieGA) March 20, 2023

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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