Biden Vetoes Bi-Partisan Anti-ESG Bill, as Desantis Forms 20-State Alliance to Fight it

President Biden sparked republican backlash after using his first veto to reject a bi-partisan anti-ESG bill, most prominently spurring Florida governor Ron DeSantis to reference a 20-state  alliance he helped create opposed to the ideology.


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The bill would have struck down a new Labor Department rule encouraging retirement fiduciaries to consider environmental, social, and corporate governance (ESG) issues (also known as democrat policy priorities) in their investments, as opposed to purely focusing on securing returns.

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Republicans condemned the move on Twitter, arguing Biden’s woke priorities outweighed his concern for retirees and workers.

Biden tweeted a video about the decision, blaming “MAGA” republicans and arguing that the bill protecting a singular focus on returns would put the savings at risk and not mandate ESG priorities. He made this claim by phrasing ESG priorities as risk factors, if not addressed, but has not elaborated.

“I just vetoed my first bill. This bill would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don’t like. Your plan manager should be able to protect your hard-earned savings — whether Rep. Marjorie Taylor Greene likes it or not,”

But there’s a problem: Republicans aren’t in control of the Legislature. The bill made it to Biden’s desk based on bipartisan support.

Democrat Senator Joe Manchin blasted the President for the move.

“President Biden is choosing to put his Administration’s progressive agenda above the well-being of the American people.”

Moreover, the bill would not prevent taking ESG priorities into account if ignoring them would threaten returns, despite what Biden says. It simply strikes down the Labor Department rule incentivizing fiduciaries to do so beyond what would be required beyond its financial impact.

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Florida Governor Ron DeSantis responded strongly to the veto on Twitter and promised to create a coalition opposed to ESG.

“Biden’s veto is why I formed an alliance of freedom-loving states to combat the threat posed by ESG. Now with Virginia, our 20-state coalition will protect our citizens against powerful economic actors using their financial might to impose an ideological agenda.”

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The alliance was created earlier in the week in response to the initial Labor Department rule and the threat of veto, which Biden has now made good on. In a joint announcement, the allied states strongly condemned ESG.

“The proliferation of ESG throughout America is a direct threat to the American economy, individual economic freedom, and our way of life, putting investment decisions in the hands of the woke mob to bypass the ballot box and inject political ideology into investment decisions, corporate governance, and the everyday economy.”

Protections considered included “blocking the use of ESG in all investment decisions at the state and local level, ensuring that only financial factors are considered to maximize the return on investment, protecting retirees and taxpayers alike,” and similar restrictions on the private financial sector by banning the use of a social credit score or any form of discrimination connected to religious, political, or social beliefs.

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