WASHINGTON — House Republicans came up short in their effort to override the first veto of President Joe Biden’s presidency, meaning Labor Department regulations permitting consideration of environmental, social and governance (ESG) factors in investing will stand.
The vote, 219-200, on the veto override came after a brief debate, with it being a foregone conclusion that there would not be the required two-thirds majority to send the effort to the Senate.
“Thanks to Democrats, workers can be placed into ESG investment vehicles by default, and if a fiduciary finds that two investments are equal, the fiduciary is allowed to use collateral ESG factors to break the tie, without justifying or documenting that decision,” Education and the Workforce Chairwoman Virginia Foxx, a North Carolina Republican, said during the floor debate on the veto message.
