ESG Investing Rule Rejected by Senate, Biden Promises Veto

The US Senate passed a measure to block the US Labor Department from enforcing its new ESG retirement investing rule, guaranteeing a showdown with the White House on a resolution the Biden administration has pledged to veto.

Republicans in the Senate passed the resolution (H.J. Res 30) by a 50-46 vote Wednesday with the help of Democratic Sens. Jon Tester (Mont.), Joe Manchin (W.V.) who were turned off by the department’s friendly position on environmental, social, and corporate governance investment factors.

After a mostly party-line vote in the House Tuesday, the resolution is set to force President Joe ...