{"id":6688,"date":"2023-03-02T04:38:47","date_gmt":"2023-03-02T10:38:47","guid":{"rendered":"https:\/\/ustower.net\/?p=6688"},"modified":"2023-03-02T04:38:51","modified_gmt":"2023-03-02T10:38:51","slug":"senate-sends-bill-nullifying-bidens-esg-investing-rule-to-presidents-desk","status":"publish","type":"post","link":"https:\/\/ustower.net\/?p=6688","title":{"rendered":"Senate sends bill nullifying Biden\u2019s ESG investing rule to president\u2019s desk<\/strong>"},"content":{"rendered":"

The Senate approved a resolution on Wednesday that aims to reverse a Biden administration rule on environmental, social and governance (ESG) investing, setting up what could be the first veto of Biden\u2019s presidency.
\nThe Senate voted 50-46 to block the ESG rule, with two Democrats, Sens. Joe Manchin\u2002(W.Va.) and Jon Tester (Mont.), joining Republicans in opposing the Biden\u2002administration policy.
\nThe measure already passed the House on Tuesday and will now head to Biden\u2019s desk. The White House has said that Biden would veto the resolution.
\nIn general, ESG refers to efforts to invest in an environmentally-conscious or otherwise ethical way. The rule in question clarifies that money managers can weigh climate change and other ESG factors when they make decisions for retirement investments. It replaces a Trump-era rule that the Biden administration\u2002says discouraged consideration of ESG factors \u201ceven in cases where it is in the financial interest of plans to take such considerations into account.\u201d
\nManchin described the Biden rule as \u201canother example of how our administration prioritizes a liberal policy agenda over protecting and growing the retirement accounts of 150 million Americans.\u201d Manchin, if he decides to run again, is expected to race a tough reelection fight next year.
\nFellow red-state Democrat Tester, who is seeking reelection in 2024, had also been expected to vote to get rid of the rule.
\nThe White House argues that the rule simply allows for relevant factors to come under consideration in investment decision-making.
\n\u201cThe rule simply makes sure that retirement plan fiduciaries must engage in a risk and return analysis of their investment decisions and recognizes that these factors can be relevant to that analysis,\u201d said a White House statement outlining the impending veto.
\nThe statement continued to say that if the Labor Department were to return to the Trump-era rule, \u201cthe federal government would be interfering with the market in a manner that stands in the way of retirement plan fiduciaries\u2019 ability to protect these hard-earned retirement savings and pensions.\u201d
\nAnd while the resolution garnered at least some Democratic support, it is part of a larger GOP effort to oppose ESG investing.
\nSupporters of ESG say that following these principles allows people to make money, have a positive impact on the world around them and avoid some financial risks caused by climate change.
\nOpponents of such efforts say that such considerations could take away from maximizing profits and also critique it on the grounds of negative impacts to industries like fossil fuels.<\/p>\n

Thehill<\/p>\n

Tags\uff1aBiden, ESG<\/p>\n","protected":false},"excerpt":{"rendered":"

The Senate approved a resolution on Wednesday that aims to reverse a Biden administration rule on environmental, social and governance (ESG) investing, setting up what could be the first veto of Biden\u2019s presidency. The Senate voted 50-46 to block the ESG rule, with two Democrats, Sens. Joe Manchin\u2002(W.Va.) and Jon Tester (Mont.), joining Republicans in opposing the Biden\u2002administration policy. The measure […]<\/p>\n","protected":false},"author":5,"featured_media":6689,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1154],"tags":[1169,2179,2066],"class_list":["post-6688","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trending","tag-biden","tag-esg","tag-senate"],"_links":{"self":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/6688","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6688"}],"version-history":[{"count":1,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/6688\/revisions"}],"predecessor-version":[{"id":6690,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/6688\/revisions\/6690"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/media\/6689"}],"wp:attachment":[{"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}