June 6, 2023

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Biden is using his veto for the first time against a legislative proposal advanced by Republicans

America and Biden

Biden says the legislation would put retirement savings at risk

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US President Joe Biden on Monday used a presidential veto for the first time in his era against a proposal for legislation submitted by Republicans. .

Biden tweeted that the legislation would put retirement savings at risk by outlawing the consideration of risk factors, which the Republican far-right opposes.

Republicans see so-called “responsible investments” (ASG) as politically intrusive.

Savings Plan

Biden asserted that the savings plan manager could “protect the hard-earned savings of Representative Marjorie Taylor Green whether she likes it or not,” referring to the Republican member of Congress, one of the most prominent figures on the far right. In the Republican Party.

Republicans used their narrow majority in the House of Representatives to pass the legislation. Although Democrats held a slim majority in the Senate, three abstentions and two Republicans were enough to approve the legislation and send it to the president.

Proponents of the law argue that “responsible investment” factors are determined by leftist social concerns and should not be part of financial transactions.

In November, the Biden administration’s Labor Department re-enacted a measure that overturned a measure by former US President Donald Trump’s administration that penalized fund managers who took climate change into account when making their decisions.

Democrats insisted that the political approach was neutral on how to take into account the factors of responsible investment, as long as investment funds fulfilled their obligations to their beneficiaries.

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Major investment firms such as BlackRock welcomed the Biden administration’s decision, which they saw as paying off investors with concerns about climate risks.

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