President Joe Biden has said he plans to issue the first veto of his presidency.
The Senate voted to overturn a Labor Department rule that permits fiduciary retirement fund managers to consider environmental, social, and corporate governance, or ESG, factors in their investment decisions.
President Joe Biden plans to veto the bill if it comes to his desk — the first veto of his presidency. Republicans say the ESG investing rule is part of a broader trend of "woke capitalism," which includes a range of actions taken by corporations and investment firms that critics say reflect liberal political influence.
Sen. Shelley Moore Capito talks to reporters during a news conference following the weekly Senate Republican policy luncheon at the U.S. Capitol on February 28, 2023 in Washington, DC.WASHINGTON — The Senate on Wednesday voted to overturn a Labor Department rule that permits fiduciary retirement fund managers to consider climate change, good corporate governance and other factors when making investments on behalf of pension plan participants.
The final vote in the Senate was 50-46, with two Democratic senators crossing party lines to support the repeal bill: Sen. Joe Manchin of West Virginia and Sen. Jon Tester of Montana. Both are up for reelection next year in conservative-leaning states.watch now
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