Business Maverick: Anti-ESG bill passes Senate as Biden threatens first veto

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The Democratic-led US Senate voted to block a Labour Department sustainable investing rule, marking a victory for Republicans in their crusade against “woke” capitalism and teeing up President Joe Biden’s first veto.

The heavily Republican vote was 50-46 to end the Biden administration rule, which would allow retirement plans to weigh climate change and other environmental, social and governance issues in their investment decisions.

Congress has the authority under a 1996 law to overturn federal agency rules on a simple majority vote. Three Democratic senators — John Fetterman of Pennsylvania, Jeff Merkley of Oregon and Dianne Feinstein of California — were absent for the vote, which the Senate was required to hold after House passage Tuesday night.

“I’m opposing this Biden administration rule because I believe it undermines retirement accounts for working Montanans and is wrong for my state,” Tester said in a statement. “Republicans talk about their love of free markets, small government and letting the private sector do its work,” White House Press Secretary Karine Jean-Pierre said Wednesday. “The Republican bill is the opposite of that. It forces MAGA Republicans’ ideology down the throats of the private sector and is handcuffing investors as well.”

 

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