As many predicted he would, President Joe Biden issued a veto on a resolution that sought to overturn a Department of Labor rule that allows retirement plan fiduciaries to take environmental, social and governance (ESG) factors into consideration, as opposed to making decisions solely on returns when investing money saved in pensions and retirement plans.
It's Biden's first veto of his presidency, and the move has been criticized by many Republicans and the three Democrats who supported the resolution.
"The underlying principle of ESG is that instead of focusing solely on profit, investors should take other things into consideration, like a company’s environmental impact or perceived social harm," Kyle Dunphey writes.
Utah Gov. Spencer Cox called the president's move “deeply disappointing,” and said it was a “backdoor” way for the White House to bypass Congress.
Read more about what Gov. Cox said about the veto on Fox Business' "The Big Money Show."
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