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President Biden Vetoes Republican Attempt to Undo Department of Labor Rule on Sustainable Investment in Retirement Plans
President Joe Biden issued his first presidential veto today, rejecting an attempt in the House and Senate to use the Congressional Review Act (CRA) to nullify the Department of Labor’s (DOL) recent rule that restored the ability for managers of retirement plans to consider environmental, social, and corporate governance (ESG) factors when making investment decisions and voting on shareholder proposals. The House and Senate both voted to pass the CRA several weeks ago.
The DOL rule provides options for workers and retirees who want to ensure the fund managers of their pensions consider climate risks and provide options to invest in sustainable businesses. The DOL reinstated the rule in November 2022, undoing a push by the Trump administration to impose additional costs and burdens meant to discourage fund managers from considering climate change in their decision-making.
Montana Governor Gianforte announces ban on Environmental, Social, and Governance (ESG) considerations in state investments
“‘As the State of Montana invests its financial assets, our priority is and should always be maximizing returns for our shareholders – the people of Montana,’ Governor Gianforte said. ‘On my watch, we won’t undermine taxpayers’ returns on investment in favor of the trend of activist, woke capitalism through ESG investing.’
