In a dispute with Congress over the proper role of environmental, social, and governance (ESG) in retirement investing, President Joe Biden chose to promote progressive environmentalism. On Monday, Biden vetoed a congressional resolution to nullify a recent Labor Department rule issued that explicitly allows retirement managers to weigh ESG factors in investment decisions.
Congress attempted to employ the Congressional Review Act, a statute that allows legislators to review certain administrative rulemakings with a simple majority in each house. Republicans voted in favor, and all but two Senate and one House Democrats against. Only defections by Sens. Joe Manchin (D–W.Va.) and Jon Tester (D–Mont.) carried the resolution through the Senate.
