President rejects legislation to overturn a labor department rule Republicans have denounced as ‘woke capitalism’
Joe Biden issued the first veto of his presidency, rejecting legislation to overturn a labor department rule related to an investment strategy“The legislation passed by the Congress would put at risk the retirement savings of individuals across the country.
Republicans have railed against so-called “ESG” investing, an acronym that stands for “environmental, social and governance”, arguing that it prioritizes allocating money based on liberal political causes instead of earning the best returns for retirement accounts. Their willingness to challenge corporate America, long seen as a reliable Republican ally, is just one front in the right’s “war on wokeness” that they say has affected schools, companies and government.
House Republicans advanced the bill after taking control of the chamber this year. And earlier this month, two Democratic senators, Joe Manchin of West Virginia and Jon Tester of Montana, voted with Republicans, sending the measure to Biden’s desk. Both Manchin and Tester are running for re-election next year in states Donald Trump won handily.
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