President Joe Biden rescinded a bipartisan bill that would have reversed a Labor Department rule allowing left-wing retirement investing policies.
Biden made the announcement in a tweet.
Biden stated that “This bill will put at risk your retirement savings, because it makes it illegal for you to take into consideration risk factors MAGA House Republicans do not like.” “Rep. Marjorie Taylor Greene may approve the bill, but your plan manager should be able to protect your hard-earned savings. ”
H.R. 30, a Congressional Review Act resolution that (CRA) would nullify Biden’s Labor Department ESG rule.
This rule allows fund managers the ability to prioritize ESG initiatives and climate change. This rule is leftist activism in financial investments and can be used to make retirement decisions or exercise shareholder rights.
The legislation passed the Republican-controlled House of Representatives and the Democrat-controlled Senate to get to the president’s desk. The Senate was dominated by Democrat Senators. Joe Manchin (WV), Jon Tester (MT), and Republicans joined Republicans to pass the legislation against Biden’s Labor Department policy.
According to the White House, the president would not support the legislation if it passed Congress after Biden had officially vetoed. However, Congress’ small majority makes it unlikely that Congress will override Biden’s veto. This would require support from both chambers at least two-thirds.
Riley Moore was West Virginia’s Treasurer and criticized the president for stating that he was siding more with radical globalists than the best interests American citizens.
Moore explained that the bipartisan majority in Congress believed that this rule was dangerous. But President Biden ignored this will by the people’s elected representatives. Moore said that President Biden ignored the will of the people’s elected representatives. ”
According to the state treasurer, this rule would give Wall Street elites access millions of Americans’ pension and retirement plans in order to promote left-wing social agendas, which undercut our citizens’ values and way of life.