WASHINGTON, D.C. (WBOY) — Sen. Joe Manchin (D, WV) Monday came out against President Joe Biden’s decision to veto a bipartisan Congressional resolution that would have nullified the Biden Administration’s changes to rules about retirement investing.
The rule in question allows financial institutions to consider environmental, social, and corporate governance (ESG) factors when making investment decisions for clients’ retirement funds. Critics of the policy are concerned that could mean Americans could end up losing money on their retirement savings and say that it prioritizes politics over people.
The Biden rule was a change to a Trump Administration rule that discouraged consideration of ESG factors when investing.
It was the first time Biden vetoed a bill since taking office.
Manchin issued the statement below in response:
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. West Virginians are under increasing stress as we continue to recover from a once in a generation pandemic, pay the bills amid record inflation, and face the largest land war in Europe since World War II. The Administration’s unrelenting campaign to advance a radical social and environmental agenda is only exacerbating these challenges. This ESG rule will weaken our energy, national and economic security while jeopardizing the hard-earned retirement savings of 150 million West Virginians and Americans. Despite a clear and bipartisan rejection of the rule from Congress, President Biden is choosing to put his Administration’s progressive agenda above the well-being of the American people.
Congress is able to override a presidential veto, but in order to do so, it needs a plurality vote—or two-thirds—in both chambers.