The resolution would have nixed a Labor Department rule over how retirement plan managers pick investments.
— President Biden issued the first veto of his presidency on Monday, rejecting a bill that would have nixed a Department of Labor rule that gives room for retirement plan managers to consider environmental, social and governance factors in their investment decisions.
Republicans have heavily criticized the rule and say ESG investing practices that take into account issues like climate change unfairly penalize industries like the oil and gas sectors. The resolution was introduced in the GOP-led House by Republican Rep. Andy Barr and passed in late February, with one Democrat joining Republicans in supporting it. The Senate soon voted 50 to 46 to overturn the rule, with Democratic Sens. Joe Manchin and Jon Tester joining Republicans in support. whether he will sign a measure that would declassify information related to the origins of the COVID-19 pandemic. The House and Senate both passed that measure unanimously.
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