On Monday, President Joe Biden utilized his veto power for the first time since assuming office. The veto was used to reject a bipartisan measure that aimed to invalidate a new administrative regulation concerning retirement plans.
“I just signed this veto because the legislation passed by the Congress would put at risk the retirement savings of individuals across the country,” Biden said in a social media post. “They couldn’t take into consideration investments that would be impacted by climate, impacted by overpaying executives and that’s why I decided to veto it.”
I just vetoed my first bill.
This bill would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don’t like.
Your plan manager should be able to protect your hard-earned savings — whether Rep. Marjorie Taylor Greene likes it or not. pic.twitter.com/PxuoJBdEee
— President Biden (@POTUS) March 20, 2023
This veto came in response to the Senate’s approval of a resolution, with a 50-46 vote on March 1, to block a Labor Department rule allowing certain retirement plans to consider environmental, social, and corporate governance factors when making investment decisions, rather than solely focusing on the highest rate of return.
During the Senate vote, Democratic Senators Joe Manchin of West Virginia and Jon Tester of Montana joined the Republicans in supporting the resolution.
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