Biden Vetoes Anti-ESG Bill
The measure blocking the rule passed 50-46 in the Senate earlier this month, with two Democrats — Joe Manchin of West Virginia and Jon Tester of Montana — joining with Republicans. Three Democratic senators were absent for the vote, contributing to a rare loss for Democrats, who have the ability to stave off Republican-led bills with a 51-49 majority in the chamber.
The Republican-led House had voted 216-204 to clear its version, and the vote tally in both chambers indicates that Congress lacks the two-thirds majority needed to override a Biden veto.
Still, passage marked a victory for Republicans’ crusade against “woke” capitalism: They’re attacking ESG as an attempt to push climate-change politics into Americans’ financial planning.
Republicans have only ramped up their attacks on ESG investing following the collapse of Silicon Valley Bank this month, saying politically driven investment decisions were partly responsible for the banking crisis.
“They were one of the most woke banks in their quest for the ESG-type policy and investing,” Representative James Comer, chairman of the House Oversight Committee, told Fox News.
Florida Governor Ron DeSantis and Virgina Governor Glenn Youngkin — two potential 2024 GOP presidential aspirants — are among the chief critics of ESG-based investing.
Former Presidents George W. Bush and Barack Obama each used their veto pen a dozen times during their two-term tenures, while Donald Trump vetoed 10 Congressional bills, according to government data.
–With assistance from Laura Litvan, Diego Areas Munhoz, Gregory Korte and Jennifer Jacobs.
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