Biden ignores investment fiduciary responsibility to push ESG

 National Review:

President Biden issued the first veto of his presidency on Monday, blocking a resolution passed by Congress that would have prohibited retirement-plan fiduciaries from considering environmental, social, and governance (ESG) factors in making their investment decisions.

“I just signed this veto because the legislation passed by the Congress would put at risk retirement savings of individuals across the country,” Biden said in a video published on Twitter. “They couldn’t take into consideration investments that would be impacted by climate impacted by overpaying executives.”
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Following the veto, Manchin blasted Biden in a comment to CNN: “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.”

Republicans characterized the rule as a “woke” innovation of the Biden administration that will financially harm Americans. Some ESG proposals restrict holding equity in certain lucrative industries, such as energy, and could therefore cause diminished portfolio performance.

Kentucky representative Andy Barr introduced the measure via the Congressional Review Act, which is an an oversight mechanism Congress can use to overturn final rules issued by federal agencies. Barr argued Biden’s plan would “politicize Americans’ retirement accounts and jeopardize their retirement security” by saddling them with higher fees for less-diversified investments.
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Biden wants to make things more expensive for Americans who use energy to push the climate kook agenda of the radical left.  This is another example of his anti-energy policies that undermine national security to pander to the climate kooks.