Sleepy Joe Biden did something new!
He just issued his first veto. He just killed a bill that would have prevented private retirement plans from prioritizing ridiculous woke ESG investments over maximizing savings for retirees.
Now, for those of you who don’t know, ESG stands for Environmental Social Governance. It’s basically a Communist-style social credit score for businesses that pushes left-wing social/environmental goals by issuing ratings for how “responsible” they are in the three categories above.
But don’t worry, the Republicans in Congress tried to stop this madness. Both chambers, including the Democrat-controlled Senate, passed a bill earlier this month to kill the Biden Department of Labor’s new rule that pushes private retirement plans to consider ESG factors when making investments that affect more than 150 million Americans.
But of course, Biden had to go and veto it. And get this, he actually had the audacity to gaslight Americans by saying that the bill would “risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don’t like.”
First of all, this bill was passed in the Democrat-controlled Senate 50-46 and two Democrats, John Tester and Joe Manchin, voted for it!
Secondly, Biden’s claim that it would risk your retirement savings is provably false. The Wall Street Journal analyzed data from the past 10 years and found that investment portfolios that avoided woke ESG investments outperformed the market.
But of course, Biden doesn’t care about the facts. West Virginia Senator Joe Manchin slammed Biden’s decision, saying: “President Biden is choosing to put his Administration’s progressive agenda above the well-being of the American people.”
Bur unfortunately, since Congress doesn’t have the votes to override Biden’s veto, we are forced to accept this defeat.