[ April 18, 2026 ]
Your money, your choice? Nope, Not under the totalitarians.
Senate Votes to Block Biden’s ESG Investment Rule, President Set to Veto Measure
By: The Epoch Times, March 3, 2023:
The U.S. Senate has voted to block a Department of Labor rule that allows retirement fund managers to consider environmental, social, and governance (ESG) factors when determining where to make investments, setting up what would be President Joe Biden’s first veto.ADVERTISEMENTThe March 1 vote fell largely along party lines, with most Democrats voting against the joint resolution that opposes the Biden administration policy and Republicans voting for it. However, Sens. Jon Tester (D-Mont.) and Joe Manchin (D-W.Va.) crossed party lines to sway the vote in Republicans’ favor, approving the resolution on a 50–46 vote.
The vote follows the House’s 216–204 passage of the resolution on Feb. 28.
The measure now heads to President Joe Biden’s desk, although the White House has stated that he would veto it.
In announcing the rule in November 2022, the Department of Labor held that the Trump administration had “unnecessarily restrained” retirement plan managers’ ability to weigh ESG factors when making investments.
“The rule announced today will make workers’ retirement savings and pensions more resilient by removing needless barriers and ending the chilling effect created by the prior administration on considering environmental, social, and governance factors in investments,” Assistant Secretary for Employee Benefits Security Lisa M. Gomez said at the time. “Climate change and other environmental, social, and governance factors can be useful for plan investors as they make decisions about how to best grow and protect the retirement savings of America’s workers.”
ADVERTISEMENTHowever, opponents of the rule have argued that it allows for the liberal politicization of Americans’ retirement investments, regardless of their personal preferences.
“Once again, Biden and his administration are putting their liberal priorities over the best interests of the American people by allowing ridiculous and illogical ESG policies into employer-sponsored retirement plans,” Sen. Rick Scott (R-Fla.) said, denouncing the rule in a Feb. 1 statement.
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