Posted on Mar 21, 2023
Biden has vetoed his first bill. Here's how that compares to other presidents
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https://www.npr.org/2023/03/20/ [login to see] /biden-first-veto-esg
More than two years into his term, President Biden has used his veto powers for the first time. Biden has sent a bill back to Congress that the White House said would have been bad for retirees.
It's something that could happen a bit more often now that Republicans control the House of Representatives, although it's more likely to be a trickle of vetoes than a flood.
In this case, the veto blocks a measure that was aimed at reversing a Biden administration rule for pension managers. The rule allows them to make investment decisions taking into consideration environmental, social and corporate governance (ESG) factors.
"Retirement plan fiduciaries should be able to consider any factor that maximizes financial returns for retirees across the country. That's not controversial — that's common sense," Biden said in his veto message.
The rule will now stand, as there's unlikely to be enough votes in Congress to overturn Biden's veto.
More than two years into his term, President Biden has used his veto powers for the first time. Biden has sent a bill back to Congress that the White House said would have been bad for retirees.
It's something that could happen a bit more often now that Republicans control the House of Representatives, although it's more likely to be a trickle of vetoes than a flood.
In this case, the veto blocks a measure that was aimed at reversing a Biden administration rule for pension managers. The rule allows them to make investment decisions taking into consideration environmental, social and corporate governance (ESG) factors.
"Retirement plan fiduciaries should be able to consider any factor that maximizes financial returns for retirees across the country. That's not controversial — that's common sense," Biden said in his veto message.
The rule will now stand, as there's unlikely to be enough votes in Congress to overturn Biden's veto.
Biden has vetoed his first bill. Here's how that compares to other presidents
Posted from npr.org
Congress
Joe Biden
Retirement
Posted >1 y ago
Responses: 3
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How is keeping retirees money out of woke nonsense protecting seniors? Joe simply wants to extend the money being spent on woke foolishness and put the nest eggs at risk!
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Although I disagree with the move it is the power of the President to do so. That is a check and balance that we have in place. It is his right to do so. But I don't want to hear anyone scream when a Republican president does the same.
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"Retirement plan fiduciaries should be able to consider any factor that maximizes financial returns for retirees across the country. That's not controversial — that's common sense," That would be common sense IF that was what we are talking about, BUT IT ISN'T
The Biden rule (that the bill would have overturned) allowed retirement fund managers to ignore their duty to maximize returns by applying so-called "environmental, social and corporate governance (ESG) factors" to invest in woke and "green" investments that were riskier or had lower returns than other investments.
Pension fund managers should not be picking investments based on how "diverse" the board membership of a company is, or investing in untried technologies just because they say it is "green" but that is exactly what the Biden rule was designed to allow and encourage.
The Biden rule (that the bill would have overturned) allowed retirement fund managers to ignore their duty to maximize returns by applying so-called "environmental, social and corporate governance (ESG) factors" to invest in woke and "green" investments that were riskier or had lower returns than other investments.
Pension fund managers should not be picking investments based on how "diverse" the board membership of a company is, or investing in untried technologies just because they say it is "green" but that is exactly what the Biden rule was designed to allow and encourage.
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