Congress Shoots Down Biden’s ESG Investment Rule

House Shoots Down Biden's ESG Investment Rule

( – Republicans have been on a mission over the last several years to root out “woke” policies and get rid of them. At the same time, Democrats are trying to implement more of these policies. That has put the two parties on a collision course. Recently, Republican lawmakers went after one of President Joe Biden’s investment rules.

On Tuesday, January 28, the House of Representatives passed H.J. Res. 30 by a vote of 216 to 204. The resolution takes aim at a Department of Labor rule that allows money managers to take environmental, social, and governance (ESG) factors into consideration when deciding where to invest money. Conservatives have criticized the rule, saying it politicizes investments by allowing money managers to use other people’s retirements to pursue a liberal agenda.

The day after the House passed the resolution, it sailed through the Senate in a 50-46 vote. Democratic Senators Jon Tester (MT) and Joe Manchin (WV) voted in favor of the resolution.

Manchin spoke on the Senate floor before the vote, saying he believes Biden’s ESG rule “prioritizes politics over getting the best returns for millions of Americans’ retirement investments.” He said he was warning against the president’s “unrelenting campaign to weaken [America’s] energy security, [its] national security, and [its] economic security” to advance his party’s “environmental and social agenda.”

The votes were a stunning rebuke of Biden’s investment policies. The president made it quite clear that he does not intend to honor the lawmakers’ resolution. Before any of the votes even took place, Biden said he would veto the bill if it was sent to his desk. It looks like that is exactly what he is going to have to do.

If the president vetoes the legislation, it will be the first time in his administration that he has had to veto a bill.

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