The GOP-led House will attempt to override Pres. Biden's veto of a resolution that would have prevented retirement fund managers from accounting for certain social factors when making investment decisions.
The House initially passed H.J. Res. 30 on Feb. 28 with the support of all Republicans and one Democrat, Rep. Jared Golden of Maine. It took on the issue of environmental, social and governance , specifically whether retirement fund managers covered under federal law may include that strategy in their calculus.
"House Republicans will keep fighting to overturn this rule allowing ESG investing and to make sure Americans are getting the best retirement they can, not the most woke," the leader wrote in his weekly floor lookout. Legislative action on the ESG issue came after a Labor Department rule under Biden took effect at the beginning of February allowing retirement fund managers to consider ESG factors. But it is an issue Republicans in Congress oppose because they say it is wrong to consider non-financial variables, like climate change.
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