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-stateĀ alliance he helped create opposed to the ideology.
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.
In his first veto, Biden just sided with woke Wall Street over workers. Tells you exactly where his priorities lie.
Nowādespite a bipartisan vote to block his ESG agendaāitās clear Biden wants Wall Street to use your retirement savings to fund his far-left political causes.
— Kevin McCarthy (@SpeakerMcCarthy) March 20, 2023
Hereās the dirty little secret about Bidenās new ESG rule: the *draft* rule had a disclosure requirement to retirees if fund manager uses their dollars to advance ESG goals. But the disclosure requirement disappeared in the *final* rule that they adopted: they said disclosureā¦ pic.twitter.com/o2xG427s79
— Vivek Ramaswamy (@VivekGRamaswamy) March 21, 2023
ESG is so obviously bad for America that Biden's veto of an anti-ESG bill looks like a favor to China.
All that "good faith seed money" the Biden Crime Family accepted from China is starting to make sense.
Reciprocity.
Biden can't even explain why the veto makes sense. https://t.co/Uqr45rGDzE
— Scott Adams (@ScottAdamsSays) March 21, 2023
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 ā whether Rep. Marjorie Taylor Greene likes it or not,”
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 ā whether Rep. Marjorie Taylor Greene likes it or not. pic.twitter.com/PxuoJBdEee
— President Biden (@POTUS) March 20, 2023
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 Administrationās 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.”
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. https://t.co/3YSZl712EE
— Ron DeSantis (@GovRonDeSantis) March 20, 2023
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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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