Republicans torch Biden veto of bipartisan ESG bill: ‘Good luck explaining this one’
Republicans reacted to President Biden’s first veto, which stopped a bipartisan bill that removed a Labor Department rule encouraging retirement fiduciaries (ESG) to consider corporate governance (ESG), in their investments.
Biden’s first veto was against a bipartisan bill that struck down the administration’s new rule encouraging the woke ESG ideology. The president stated that his decision was due in part to the strong “MAGA Republican” influence in the bill.
“I just vetoed the first bill. This bill will make it illegal to take into account risk factors that MAGA House Republicans don’t like. It could put at risk your retirement savings. Your plan manager should be capable of protecting your hard-earned savings, regardless of whether Rep. Marjorie Taylor Greene approves.” Biden stated in a Monday tweet.
The president’s decision is not appreciated by the Congress Republicans, especially Andy Barr, Kentucky’s bill architect.
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Barr said to Fox News Digital that President Biden’s first veto was on a bipartisan, bi-cameral measure that I championed through Congress in order to protect retail investors. “Biden’s veto, instead of siding with Americans, who are becoming increasingly unable afford retirement, puts climate activists and special interests groups to which he is beholden above middle-class American investors.
Barr said, “It’s a shame and it further reflects on his priorities and who is he really represents in office.”
Senator Mike Braun (Republican from Indiana) also criticised the president’s veto and wished Biden luck in “explaining” this one to the American people.
Braun stated that President Biden used his first vote to discredit the bipartisan consensus reached in the House of Representatives and Senate regarding the fact that Americans’ retirement savings should not be invested to receive the highest return but to support woke nonsense.
He said, “Good luck explaining that one,”
Republican Senator Markwayne Mullin from Oklahoma joined his Indiana colleague to blast the president’s decision. He said that “Biden’s reckless ESG Rule proves nothing can be off limits when Joe Biden’s radical Green Agenda – even Americans hard-earned retirement savings – is Joe Biden’s Radical Green Agenda – even Americans’ hard earned retirement savings.”
Mullin stated that “During a period of record inflation, Biden wants make matters worse by allowing climate activist to hijack investment returns.” It’s a shame.
He said, “Despite bipartisan opposition to his policies, the president is doubling-down on them and making hardworking Americans pay the price.”
Jodey Arrington, a Texas Republican Representative, criticized the veto and stated that those who invest their hard-earned cash should not be concerned with virtue signaling but financial value.
Arrington stated that Congress passed a bipartisan bill this week to protect pensioners from activists who would use their savings to support a political agenda. “President Biden’s threat of vetoing this legislation shows that his primary concern is to placate the Radical Left rather than to listen to the American people, and even members of his own party in Congress.”
Rep. Austin Scott (R-Ga.) slammed Biden’s veto and told Fox News Digital that Biden’s “woke ESG agenda” was unfair to Americans, saying it would only drive American industry to other nations.
Scott stated that Biden once more favors his leftist agenda than supporting bipartisan work for Americans at Congress.
Rep. Jeff Van Drew (R-N.J.), a former Democrat, became a Republican and demolished Biden’s boasting of a “bipartisan” presidential image, while he vetoes bipartisan legislation.
Van Drew stated, “It is ironic that President Biden boasts about being a ‘bipartisan president’, then turns around to vetoes bipartisan bills.” The Labor Department’s detrimental changes to how Americans’ retirement funds invest are met with opposition from both Republicans and Democrats, but the President doesn’t care.
Van Drew said, “It is evident, President Biden has issued over 100 executive orders since taking office,” that Congress and the American people are not interested in his enactment far-left policies.
The New Jersey congressman said that he was threatening the retirement accounts of millions of Americans. However, as long as it fits in his ‘woke agenda, I guess this is not important.” “It doesn’t seem too bipartisan to my ears.”
Biden’s Monday veto came after President Obama signaled that he would reject the measure, which saw Republicans and Democrats unite in opposition to the Labor Department’s new rule.
The bill ended the enforcement of a Labor Department rule that urged private retirement plan fiduciaries (e.g., ESG) to be considered in investment decisions.
Federal guidelines explicitly allow fiduciaries to make investments for retirement plans for more than 150,000,000 people. They are allowed to look at companies’ approach to climate change, rather than focusing only on profitability and return on invested capital for retirees.
Senator Joe Manchin (D-WV) blasted Biden’s veto on Monday, accusing him of putting “radical” social agendas above the American people.
Manchin stated that the Administration “continues to prioritize their radical political agenda over economic, energy, and national security needs for our country, which is absolutely infuriating.” “West Virginians are experiencing increasing stress as they continue to recover from a once-in-a-generation pandemic, pay the bills amid record inflation, and face the most severe land war in Europe since World War II. These problems are only exacerbated by the Administration’s relentless campaign to promote a radical environmental and social agenda.
He said, “President Biden chooses to place his Administration’s progressive agenda over the well-being American citizens.”
It is unlikely that Biden’s veto will be overturned by the legislative branch of the split chambers.
