Biden has vetoed his first bill, blocking the repeal of a Labor Department rule that allowed retirement investing tied to environmental and social goals.
“This bill would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don’t like,” BidenMarjorie Taylor GreeneWhile Republicans who led work on the repeal didn’t get it signed into law, it marked a partial victory for conservatives
that they say encourage major corporations to elevate climate and social goals in their business practices., who led the rollback push with Rep.The Biden Labor Department rule at issue attempted to undo Trump-era policy that discouraged retirement plan managers from incorporating environmental and social factors into investment decisions. The Biden rule allows them to do so but does not require it.
Wall Street firms and their trade groups largely stayed on the sidelines during the fight, despite being the subject of criticism from Republican lawmakers. Lobbyists were confident that Biden would veto the repeal, and the industry is also laying low as the issue makes its way through the courts. The state of Texas is leading a multi-state lawsuit to block the rule.
“There’s just no upside,” said one trade association representative, granted anonymity to speak candidly. “Why bother, especially when you’ve got 25 state attorneys general who have already said they’re going to pony up and litigate?”
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