Headline RoundupMarch 2nd, 2023

Senate Overturns ESG Investing Rule; Biden Plans Veto

Summary from the AllSides News Team

On Wednesday, the U.S. Senate passed a resolution overturning a Labor Department rule that permitted private retirement fund managers to consider environment, social and governance (ESG) factors in their investment decisions. 

The Details: The measure passed the Senate in a 50-46 vote, with Sens. Joe Manchin (D-WV) and Jon Tester (D-MT) joining Republicans. The resolution passed in the House on Tuesday, with only one Democrat voting for the bill. 

Key Quote: "President Biden wants to sacrifice seniors’ retirement savings to fund his political agenda," said Senator Mike Braun of Indiana, who led the bill. "Both the Senate and the House have now sent powerful, bipartisan rebukes of the Biden ESG agenda. I’m proud to stand up for Americans’ retirement savings to stop this harmful rule."

For Context: Encouraged by their wins in November's midterm elections, Republicans have taken aim at "woke capitalism," including ESG investing policies. President Joe Biden has promised to veto the bill. If he does, the resolution would have to be approved by Congress again with a two-thirds majority vote in both chambers. The overturned rule allowed "plan fiduciaries to consider climate change and other environmental, social and governance factors when they select retirement investments and exercise shareholder rights, such as proxy voting."

How the Media Covered it: Sources across the political spectrum covered the news. One right-rated source called the overturning a "stunning rebuke." Many sources noted prominently that Biden is expected to veto the bill.

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