President Biden issued his first veto after Congress voted to block a rule allowing retirement plans to weigh the long-term impacts of social factors and climate change on investments — a move Republicans say is a 'woke' policy that hurts retirees pockets.
WASHINGTON — President Joe Biden issued his first veto Monday after Congress voted to block a Labor Department rule allowing retirement plans to weigh the long-term impacts of social factors and climate change on investments — a move Republicans say is a "woke" policy that hurts retirees' pockets.
Senate Republicans, along with two Democrats, voted on the measure March 1, needing only a simple majority for it to pass. Sens. Jon Tester, D-Mont., and Joe Manchin, D-W.Va., who are both up for reelection next year in Republican states, voted with Republicans. It is popular with major pension funds that invest the retirements of millions of workers as well as retail investors.Republican lawmakers and conservative advocacy groups have decried the ESG rule.
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