Biden Breaks Out Veto Pen for Environmental, Social, and Governance (ESG), Soft on Crime Bills

President Joe Biden will reportedly issue the first vetoes of his term this week in the wake of Congress passing the resolution to overturn the D.C. soft-on-crime bill and the bill to scrap his administration’s Environmental, Social, and Governance (ESG) Rule.

As Breitbart News reported, Republicans and moderate Democrats helped to pass a bill  that would nullify Biden’s ESG rule, or the Department of Labor’s “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights” rule.

Two Senate Democrats, Sens. Jon Tester (D-MT) and Joe Manchin (D-WV), voted with Republicans to pass the resolution.

The resolution passed swiftly through the House on Tuesday. The resolution will soon go to Biden’s desk, where he is likely vto veto the bill. This would be the first veto of Biden’s presidency.

ESG is the latest vector through which the federal government, Wall Street asset managers, and activist investors push private companies to adopt leftist positions such as combatting climate change, advocating racial justice, and diversity requirements. Breitbart News has cataloged just a few of the incidents in which activist asset managers such as BlackRock, Vanguard, and State Street push companies to adopt controversial views.

Likewise, moderate Democrats also joined with Republicans to overturn a soft-on-crime bill that recently became law in the nation’s capital

“The District’s criminal law, which reduced punishments for a variety of serious criminal offenses, was enacted by the District’s city council, which overrode the mayor’s veto — all while crime soared at the beginning of 2023,” noted Breitbart News. “According to the Metropolitan Police Department, homicides have dramatically increased (25 percent), along with vehicle theft (111 percent), theft from auto (21 percent), and theft (16 percent).”

Congress retains the ability to override local D.C. law if it issues a resolution of disapproval; it has not exercised that right in 30 years, signifying the deep divide on issues of crime.

Regardless, President Joe Biden will issue a veto of the bill, a first for his presidency after Republicans retained control of the U.S. House this past November.

“President Joe Biden will soon be in a position to issue his first veto, after moderate Senate Democrats helped Republicans pass a measure that would undo an environmental and social investing rule,” noted Politico.

Sen. Jon Tester (D-MT), who faces a tough reelection campaign in 2024, said that the ESG rule puts too much of a burden on working families. He said in a statement:

At a time when working families are dealing with higher costs, from health care to housing, we need to be focused on ensuring Montanans’ retirement savings are on the strongest footing possible. I’m opposing this Biden Administration rule because I believe it undermines retirement accounts for working Montanans and is wrong for my state.

In its veto threat this week, the Biden administration said that undoing the ESG rule would “unnecessarily limit the options available to retirement plan participants and investors.” Likewise, it said that the congressional move to overturn the soft-on-crime bill would detract from D.C. residents’ right to self-govern.

“For far too long, the 700,000 residents of Washington, DC, have been deprived of full representation in the U.S. Congress,” the administration said.


Share :

post a comment

Leave a Reply

Your email address will not be published. Required fields are marked *