The Senate voted 50-46 on Wednesday to repeal Biden’s ESG bill.
The Labor Department rule “permits fiduciary retirement fund managers to consider climate change, good corporate governance and other factors when investing on behalf of pension plan participants.” According to CNBC.
Two Democrats voted with Republicans to block the bill.
Biden vowed to veto the bill.
Senator Cassidy blasted Joe Biden’s ESG rule before Wednesday’s vote.
“This ESG rule only follows the ideological agenda of the left. It doesn’t follow the appropriate income for Americans looking at their retirement,” Cassidy said.
A message from a ranking member @SenBillCassidy The Senate is set to vote today to impeach President Biden #ESG A rule that authorizes asset managers to prioritize funds for political agendas over the success of their clients’ retirement accounts: pic.twitter.com/Y3HWeb1Ikx
— GOP Assistance Committee (@GOPHELP) March 1, 2023
The Senate voted Wednesday to repeal a Labor Department rule that would have allowed fiduciary retirement fund managers to consider climate change, good corporate governance and other factors when investing on behalf of pension plan participants.
The final vote in the Senate was 50-46, with two Democratic senators crossing party lines to support the repeal bill: West Virginia Sen. Joe Manchin and Montana Sen. John Tester. Both are up for re-election next year in conservative-leaning states.
President Joe Biden said Monday he would veto the Senate bill if it came to his desk — the first veto of his presidency.
The House version of the bill passed Tuesday with the support of every Republican and one Democrat, then moved surprisingly quickly to the Senate.