This week, a bill landed on Joe Biden’s desk that would have prevented prevented Environmental, Social Governace (ESG) considerations from being used when investing state and federal pension funds.
Top investment firms such as Vanguard have reiterated that ESG factors do not yield positive results for investors and pension holders and that they would not be using them for their companies investment decisions.
The bill that would have prohibited ESG factors from being used in pension fund investments was backed by multiple Democratic Senators including Senator Jon Tester (D-Mt.) and Senator Joe Manchin (D-Wv.)
Senator Manchin blasted the Biden administration on Tuesday for vetoing the bill, Biden’s first veto in his over two years in office.
He said that the Biden administration continues to ‘prioritize a radical policy agenda’ over important issues such as national security, the economy, and the country’s energy needs.
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Manchin has consistently been one of the most moderate Democrats in the Senate, voting against his own party on controversial issues such as the nomination of Supreme Court Justice Brett Kavanaugh.
Sen. Joe Manchin (D-WV) slammed President Joe Biden for vetoing a bipartisan anti-ESG bill and prioritizing a “radical policy agenda” over getting the “best financial returns for millions of Americans’ retirement investments.”
“This Administration continues to prioritize their radical policy agenda over the economic, energy, and national security needs of our country, and it is absolutely infuriating,” stated Manchin, who is up for reelection this cycle.
Manchin was referring to Biden issuing his first veto on Monday to reject a bipartisan bill, H.R. 30, that would nullify his Labor Department rule allowing left-wing environmental, social, and governance (ESG) policies to be considered in retirement investing.
“West Virginians are under increasing stress as we continue to recover from a once in a generation pandemic, pay the bills amid record inflation, and face the largest land war in Europe since World War II,” Manchin continued. “The Administration’s unrelenting campaign to advance a radical social and environmental agenda is only exacerbating these challenges.”
Ultimately, the Biden Labor Department rule enables fund managers to weigh climate change and prioritize ESG initiatives, a form of leftist activism in financial investing