Sen.
Joe Manchin
(D-WV) blasted President
Joe Biden’s
veto of a congressional resolution to cancel a Labor Department rule allowing retirement fund managers to
consider environmental, social, and governance guidelines
when making investment decisions.
The resolution was introduced by House Republicans, who approved the measure with help from Rep. Jared Golden (D-ME). It advanced in the Democratic-led Senate after Manchin and Sen. Jon Tester (D-MT) joined Republicans in opposing the White House policy, voting 50-46 to send the measure to Biden’s desk. The veto is the first of Biden’s presidency.
Manchin said Biden’s ESG policy “prioritizes politics over getting the best financial returns for millions of Americans’ retirement investments.”
“Despite a clear and bipartisan rejection of the rule from Congress, President Biden is choosing to put his Administration’s progressive agenda above the well-being of the American people,” Manchin said in a statement.
“This ESG rule will weaken our energy, national and economic security while jeopardizing the hard-earned retirement savings of 150 million West Virginians and Americans,” he said.
WHAT’S IN STORE FOR OIL AND GAS LEASING THIS YEAR
It is unlikely Congress will be able to override the veto, as doing so requires support from a two-thirds majority in both chambers.
Manchin’s statement, and support for the GOP-backed bill, marks the latest in a series of high-profile criticisms of the Biden administration’s energy policies. Manchin has voted or threatened to vote against several of Biden’s nominees, criticized the administration for falling behind on advancing a new offshore oil and gas leasing program, and taken aim at the Treasury Department’s delay for certain electric vehicle tax credit provisions included under the Inflation Reduction Act.
Earlier this year, he partnered with Sen. Ted Cruz (R-TX) to introduce a bill blocking the U.S. Consumer Product Safety Commission from banning gas stoves.
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White House spokeswoman Robyn Patterson said in a statement Monday that Biden vetoed the bill “because it jeopardizes the hard-earned life savings of cops, firefighters, teachers, and other workers — all in service of an extreme, MAGA Republican ideology.”
