(PresidentialWire.com)- On Monday, President Biden issued the first veto of his presidency when he rejected a bipartisan measure to prevent pension funds from making investment decisions based on ESG, Reuters reported.
The bill, which passed with bipartisan support in the Democrat-controlled Senate, sought to curtail a new Labor Department rule that encouraged pension funds to consider ESG in investments.
The president tweeted a video in which he falsely claimed that he vetoed the bill promoted by “MAGA Republicans” because it would have placed retirement savings at risk.
Democrat Senators Joe Tester of Montana and West Virginia’s Joe Manchin voted along with the Senate Republicans in favor of the measure.
Senator Manchin blasted the president for his veto, countering that the Biden administration is pushing a “radical policy agenda” despite the “clear and bipartisan rejection” from Congress. Manchin accused the president of putting his “progressive agenda” ahead of the “well-being of the American people.”
Arkansas Republican Senator Tom Cotton tweeted that the president chose to use his first-ever veto to permit retirement funds to “prioritize ESG scams over the best-performing investments,” and accused Biden of “playing games” with the retirement money of working people.
In a follow-up tweet, Cotton argued that the president is putting his “left-wing ideology” before the financial security of the American people, “over the objections of a bipartisan Congress.”
Responding to the president’s tweeted video, Florida Governor Ron DeSantis said that Biden’s veto of the bill highlights the reason he formed a 20-state alliance to “combat the threat posed by ESG.” DeSantis said it would be the states that would protect the people against “powerful economic actors” who use “financial might to impose an ideological agenda.”
In a statement on Monday, Speaker Kevin McCarthy warned that the president prefers that Wall Street use the “hard-earned money” of workers and seniors to “fund a far-left” agenda rather than “grow your savings.”