Tue Mar 21, 2023 – 2:02 pm EDTTue Mar 21, 2023 – 3:54 pm EDT
WASHINGTON, D.C. (LifeSiteNews) — President Joe Biden issued the first veto of his term on Monday, rejecting a measure to overturn an administration rule enabling retirement fund managers to prioritize left-wing corporate activism over a sound return on Americans’ investments.
At the end of January, the Biden administration began implementing a Labor Department rule establishing that the federal Employee Retirement Income Security Act of 1974, as amended (ERISA) “does not preclude fiduciaries from making investment decisions that reflect environmental, social, or governance (‘ESG’) considerations.”
ESG is essentially a scoring system that incentivizes investing in companies not on the basis of their performance for customers and shareholders, but rather on their fealty to so-called “social justice” principles such as diversity and environmentalism. It has been credited with the increasingly activist turn of many corporations in recent years, at the expense of their financial performance and those who depend on their success, particularly savings and retirement accounts.
A resolution condemning the rule passed the Republican-controlled U.S. House of Representatives as well as the narrowly Democrat-controlled U.S. Senate, thanks to the support of Democrat
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