2 Senate Democrats join GOP in rejecting socially conscious investing rule, rushing it back to Biden for a promised veto

Two reelection-wary Democratic senators joined a united GOP caucus in disapproving of a Labor Department rule allowing for socially conscious investing by retirement fund managers, a procedural loss the Biden administration can overcome with a promised veto.

Wednesday's defectors, both of whom are facing tough reelection bids this cycle in states Donald Trump won by double digits in 2020, include Democratic Sens. Joe Manchin of West Virginia and Jon Tester of Montana. 

The duo joined the 48 Senate Republicans present in spiking the DOL rule allowing investment advisors to consider "the economic effects of climate change," voting it down 50-46. 

The absence of Democratic Sens. Dianne Feinstein of California, Jeff Merkley of Oregon, and John Fetterman of Pennsylvania left Senate Majority Leader Chuck Schumer three votes down before deliberations even started. Republican Sen. Mike Crapo of Idaho also missed votes throughout Wednesday.

Congressional Review Act resolutions like the one challenging the ESG rule only require a simple majority vote, rather than the 60-vote threshold required to break a standard filibuster.