Sen. Joe Manchin, D-W.Va., on Monday chided President Joe Biden for a veto blocking a Republican bill to prohibit pension fund managers from basing investment decisions on factors like climate change, known as ESG.
Manchin said in a statement after the veto, the first of Biden's presidency, that "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."
ESG (environmental, social, and governance) is an investment procedure that takes into account businesses' environmental and social risks as part of a wider financial analysis.
Manchin added: "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."
House Speaker Kevin McCarthy, R-Calif., also criticized Biden for the veto in a statement on Monday, saying: "It is clear that President Biden wants Wall Street to use your hard-earned money not to grow your savings, but to fund a far-left political agenda. That will hurt seniors and workers."
Theodore Bunker ✉
Theodore Bunker, a Newsmax writer, has more than a decade covering news, media, and politics.
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