Sen. Joe Manchin (D-WV) slammed President Joe Biden for vetoing a bipartisan anti-ESG invoice and prioritizing a “radical policy agenda” over getting the “best financial returns for millions of Americans’ retirement investments.”
“This Administration continues to prioritize their radical policy agenda over the economic, energy, and national security needs of our country, and it is absolutely infuriating,” said Manchin, who’s up for reelection this cycle.
Manchin was referring to Biden issuing his first veto on Monday to reject a bipartisan invoice, H.R. 30, that will nullify his Labor Division rule permitting left-wing environmental, social, and governance (ESG) insurance policies to be thought-about in retirement investing.
“West Virginians are under increasing stress as we continue to recover from a once in a generation pandemic, pay the bills amid record inflation, and face the largest land war in Europe since World War II,” Manchin continued. “The Administration’s unrelenting campaign to advance a radical social and environmental agenda is only exacerbating these challenges.”
Joe Biden issued his first veto on Monday, rejecting a bipartisan invoice that will have reversed his Labor Division rule about ESG in retirement investing. https://t.co/5hZ78NSi4O
— Breitbart Information (@BreitbartNews) March 20, 2023
Finally, the Biden Labor Division rule permits fund managers to weigh local weather change and prioritize ESG initiatives, a type of leftist activism in monetary investing, when deciding on retirement investments and exercising shareholder rights, equivalent to proxy voting. It was additionally a rollback of a rule made below former President Donald Trump to shield People’ retirement plans.
The laws handed the Republican-controlled Home of Representatives and the Democrat-controlled Senate to get to the president’s desk. Within the Senate, Manchin and Sen. Jon Tester (D-MT) joined Republicans in passing the laws opposing the rule.
“This ESG rule will weaken our energy, national and economic security while jeopardizing the hard-earned retirement savings of 150 million West Virginians and Americans,” the West Virginia senator said. “Despite a clear and bipartisan rejection of the rule from Congress, President Biden is choosing to put his Administration’s progressive agenda above the well-being of the American people.”
Earlier than Biden formally vetoed the laws, the White Home stated the president would reject it if it had been to go Congress. The Home has already scheduled a vote to override Biden’s veto on March 23; nevertheless, with the slim majority in Congress, it’s unlikely that Congress can override Biden’s veto as a result of it might require two-thirds help from each chambers.
Along with Manchin, West Virginia state Treasurer Riley Moore — who has been main the cost on the state degree towards ESG guidelines along with already saying he could be operating for Congress in 2024 — slammed the president for making it “clear” that he “stands with the woke capitalists and their radical globalist agenda instead of the best interests and financial security of the American people.”
“A bipartisan majority in Congress spoke loud and clear that they thought this rule was harmful and went too far, yet President Biden chose to ignore the will of the people’s elected representatives,” Moore additional defined. “Congress is supposed to write the laws in this country, not unelected agency bureaucrats serving deep-state agendas.”
“This rule will allow Wall Street elites to use the pension and retirement plans of millions of hard-working Americans to advance left-wing social agendas that undermine our citizens’ values and way of life,” the state treasurer added.
Jacob Bliss is a reporter for Breitbart Information. Write to him at [email protected] or observe him on Twitter @JacobMBliss.
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