After both the House and a bipartisan group in the Senate passed a bill to strike down Joe Biden’s executive order encouraging the use of ESG in retirement accounts, Biden used his first veto to kill it. The veto angered Democratic Senator Joe Manchin of West Virginia, who called the veto “absolutely infuriating.” Al Weaver reports in The Hill:
Sen. Joe Manchin (D-W.Va.) teed off on President Biden’s decision earlier on Monday to veto a bill that would have nixed a Labor Department rule on environmental, social and governance (ESG) investing.
Manchin, who was one of two Senate Democrats to vote with Republicans to overturn the rule on March 1, called Biden’s decision “absolutely infuriating” in a statement and panned the administration for putting its “radical” and “progressive agenda” ahead of the country’s needs.
“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 is up for reelection next year. “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.”
“The Administration’s unrelenting campaign to advance a radical social and environmental agenda is only exacerbating these challenges. 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,” Manchin continued. “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.”
Action Line: Be sure your adviser isn’t putting other people’s political goals ahead of your retirement goals. Stick with me by subscribing to my free monthly Survive & Thrive letter.
