Biden Wields Veto Pen for First Time to Block Anti-ESG Bill (2)

Joe Biden issued the first veto of his presidency, rejecting legislation that would thwart a rule allowing retirement portfolio managers to weigh climate change and other environmental, social and governance issues in their investment decisions.

“The Department of Labor’s final rule protects the hard‑earned life savings and pensions of tens of millions of workers and retirees across the country” Biden said in a statement on Monday.

The Labor Department rule was created to undo a Donald Trump-era requirement mandating that workplace retirement-plans focus purely on financial gains. While consideration of climate change in selecting retirement investments was still possible under ...