'Absolutely Infuriating': Biden Slammed for Using First Veto to Kill Bipartisan Resolution that would have reversed a final rule that pushes woke ESG standards as a priority over profitability for retirement accounts

More than two years into his administration, President Joe Biden used his veto power for the first time on Monday, killing a bipartisan resolution that would have reversed a final rule from the Department of Labor that pushes woke ESG standards as a priority over profitability for Americans' retirement accounts.

In a statement, President Biden sought to justify his veto by claiming that the final rule "allows retirement plan fiduciaries to make fully informed investment decisions" while "ensuring that investment decisions made...maximize financial returns for retirees."

"There is extensive evidence showing that environmental, social, and governance factors can have a material impact on markets, industries, and businesses," the president said in the statement notifying Congress of his veto. "But the Republican-led resolution would force retirement managers to ignore these relevant risk factors, disregarding the principles of free markets and jeopardizing the life savings of working families and retirees."

Conveniently, Biden omitted the fact that Democrats — including those in the Democrat-led Senate — also voted to overturn the Labor Department's final rule. Instead, Biden suggested the resolution was solely the work of "MAGA House Republicans," and Rep. Marjorie Taylor Greene (R-GA) which is false. Greene was one of the 216 bipartisan House members who voted to pass the resolution, as did the Senate which, again, is controlled by Biden's party.

Telling that Biden isn’t using his veto to make a case for ESG - he’s just trying to defend his move by labeling the opposition as MAGA and MTG.

He’s likely seeing the same polling R’s are: when people find out what ESG is, they don’t want their retirement $ anywhere near it.— Matt Whitlock (@mattdizwhitlock) March 20, 2023

Biden continued by claiming that "this resolution would prevent retirement plan fiduciaries from taking into account factors, such as the physical risks of climate change and poor corporate governance, that could affect investment returns," though he provided no information to back up his words.

"Retirement plan fiduciaries should be able to consider any factor that maximizes financial returns for retirees across the country," the president said. "That is not controversial — that is common sense," he claimed. "Therefore, I am vetoing this resolution."

Republicans previously slammed President Biden and his Labor Department's decision to push ESG values in Americans' retirement accounts as a "middle finger to middle-class Americans" and the GOP didn't hold back on Monday following the president's veto.

In his first veto, Biden just sided with woke Wall Street over workers. Tells you exactly where his priorities lie.

Now—despite a bipartisan vote to block his ESG agenda—it’s clear Biden wants Wall Street to use your retirement savings to fund his far-left political causes.— Kevin McCarthy (@SpeakerMcCarthy) March 20, 2023

The fact that Biden’s first veto is about promoting ESG reveals the problem: this isn’t the invisible hand of the “free market.” It’s the invisible fist of government. Don’t fall for their trick. https://t.co/qUeWxwgpxH— Vivek Ramaswamy (@VivekGRamaswamy) March 20, 2023

Joe Biden’s first veto as president: letting retirement fund managers prioritize ESG scams over the best-performing investments.

Why is he playing games with working people’s retirement money? https://t.co/KaAex5TMDy— Tom Cotton (@SenTomCotton) March 20, 2023

President Biden just vetoed bipartisan legislation to protect your hard-earned savings from his administration's rule on ESG, an unprofitable scam that prioritizes a radical social and environmental agenda over commonsense investments. https://t.co/jNSN0IfwEI— Rep. Burgess Owens (@RepBurgessOwens) March 20, 2023

Biden’s first veto is to allow retirement plans to consider woke ESG priorities when making investment decisions.— Sen. Marsha Blackburn (@MarshaBlackburn) March 20, 2023

Joining Republicans in airing their disapproval of Biden's decision to overrule the will of the American people, Democrat Senator Joe Manchin (WV) also took a swipe at the White House, saying the Biden administration "continues to prioritize their radical policy agenda over the economic, energy and national security needs of our country, and it is absolutely infuriating," he said. "The Administration’s unrelenting campaign to advance a radical social and environmental agenda is only exacerbating these challenges."

MORE - Manchin (D-WV): "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."

pic.twitter.com/0pMM3YJ6bd— Disclose.tv (@disclosetv) March 20, 2023

following is behind a Murdoch paywall, but posting for the laugh. NSW is State of New South Wales, which has an election this week:

21 March: The Australian: NSW Labor ‘all-electric’ campaign bus ditched in favour of diesel alternative.
NSW Labor MPs, staffers and the travelling press pack have abandoned the party’s “zero emissions” election campaign bus in favour of a diesel alternative after realising the vehicle did not have the range to complete the trip.

Just days out from the March 25 election, Labor leader Chris Minn’s campaign has run aground, after staff belatedly realised the ALP-branded, all-electric bus would not make it back from Warragamba Dam, on Sydney’s western fringe.

The vehicle has only been operational since last week, ferrying journalists between media events. But only possessing a range of 300km, Labor staffers and journalists were forced to ditch the Australian-made vehicle in Camden, swapping onto a diesel alternative.

Bank of England, post Mark Carney, seems to be waking up.

this needs to be spread far and wide.

with links to relevant articles:

13 March: ClimateDepot: Marc Morano: Bank of England Downgrades Net Zero & Will Cut Spending for its Work on Climate Change – Shift ‘to focus on core areas’
Bloomberg: Cost pressures prompt central bank to focus on core areas... Climate programs will slip lower on the central bank’s agenda so officials can focus more on the core operations such as financial stability, markets and a digital currency, according to a person with knowledge of the situation who asked not to be named. The BOE’s climate work currently focuses on building ESG disclosure guidelines, preparing insurers for risks from rising global temperatures and getting banks to carbon-test their balance sheets...
https://www.climatedepot.com/2023/03/13/bank-of-england-downgrades-net-zero-will-cut-spending-for-its-work-on-climate-change-shift-to-focus-on-core-areas/

it continues to amaze me that the public shows so little interest in matters related to ESG.

in Australia, the pension (superannuation) funds are being raided, big-time:

15 July 2020: MoneyManagement: Australia taking ‘meaningful steps’ to integrating ESG in super
By Laura Dew
Australia’s superannuation system has taken ‘meaningful steps’ to ensure super is addressing environmental, social and governance (ESG) issues, according to research from the Principles for Responsible Investment (PRI).

In its latest report, the organisation compared private retirement systems in Australia, the US and UK and their inclusion of ESG...

Some ***81% of for-profit super funds***, it said, now had some form of responsible investment...
https://www.moneymanagement.com.au/news/superannuation/australia-taking-%E2%80%98meaningful-steps%E2%80%99-integrating-esg-super

Australian Govt’s plan for people’s pension funds!

23 Aug 2022: Australian Financial Review: Exclusive: Superannuation will fund nation building: Chalmers
by Jonathan Shapiro and James Eyers
Federal Treasurer Jim Chalmers has laid down a new agenda for the $3.4 trillion superannuation sector that he hopes will steer part of its vast pool of capital toward nation building investments in housing and ***clean energy...
https://www.afr.com/companies/financial-services/superannuation-will-fund-nation-building-chalmers-20220822-p5bbty

so many shilling for China/solar/wind/EVs etc. they must be getting some preferential treatment under ESG nonsense or something.

following has figures I’ve wanted to know for some years. they should be common knowledge everywhere. hope it goes viral.

quote is from a CNBC interview, video (2m15s) and transcript included:

21 Oct 2022: Climate Depot: Marc Morano: Goldman Sachs’ Jeff Currie: ‘$3.8 Trillion of Investment in Renewables Moved Fossil Fuels from 82% to 81% of Overall Energy Consumption’ in 10 Years
Economist Jeff Currie of Goldman Sachs (Global Head of Commodities Research in the Global Investment Research Division): “Here’s a stat for you, as of January of this year. At the end of last year, overall, fossil fuels represented 81 percent of overall energy consumption. Ten years ago, they were at 82. So though, all of that investment in renewables, you’re talking about 3.8 trillion, let me repeat that $3.8 trillion of investment in renewables moved fossil fuel consumption from 82 to 81 percent, of the overall energy consumption. But you know, given the recent events and what’s happened with the loss of gas and replacing it with coal, that number is likely above 82.” ... The net of it is clearly we haven’t made any progress.”
CNBC TRANSCRIPT...READ ON
https://www.climatedepot.com/2022/10/21/goldman-sachs-jeff-currie-3-8-trillion-of-investment-in-renewables-moved-fossil-fuels-from-82-to-81-of-overall-energy-consumption-in-10-years

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