The measure, which was vetoed by Biden, ended a Biden administration rule allowing federal managers of retirement plans to consider factors such as climate change, social impacts, or pending lawsuits when making investment choices, a move that undid a Trump-era ban on the practice, The Hill reported
Critics of environmental, social and governance (ESG) investments believe that money is allocated based on leftist causes rather than returns for retirees. Author James Lindsay, a vocal critic of ESG, told The Post Millennial, "ESG is a scam against America and a first-rate national security threat, and Biden is in on it. ESG uses your retirement money to do Woke and Sustainability activism that hurts America and everyday Americans."
"President Biden’s first veto is against a bipartisan bill that protects retirement savings from political interference. It is clear that President Biden wants Wall Street to use your hard-earned money not to grow your savings, but to fund a far-left political age," said GOP Speaker Kevin McCarthy. "That will hurt seniors and workers, especially after President Biden’s reckless spending caused record inflation and rapid interest rate hikes."
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