President Joe Biden took to Twitter to share he vetoed a bill for the first time of his presidency.
“I just vetoed my first bill. This bill would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don’t like,” Biden tweeted.
He added, “Your plan manager should be able to protect your hard-earned savings — whether Rep. Marjorie Taylor Greene likes it or not.”
I just vetoed my first bill.
— President Biden (@POTUS) March 20, 2023
This bill would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don't like.
Your plan manager should be able to protect your hard-earned savings — whether Rep. Marjorie Taylor Greene likes it or not. pic.twitter.com/PxuoJBdEee
Lawmakers issued their criticism of Biden for vetoing the bill.
Rep. Cory Mills (R-FL) tweeted, “Joe Biden choosing to safeguard E.S.G. as an investment priority rather than protecting your retirement from ruins. The Dems and GOP both agreed his policies are destroying American savings. Look what his policies has already done to banks who prefer ESG investments like SVB.”
Joe Biden choosing to safeguard E.S.G. as an investment priority rather than protecting your retirement from ruins. The Dems and GOP both agreed his policies are destroying American savings. Look what his policies has already done to banks who prefer ESG investments like SVB. https://t.co/Dz78LFwPQP
— Cory Mills (@CoryMillsFL) March 20, 2023
Rep. Mark Alford (R-MO) called it a “bold-faced lie,” adding, “You vetoed this because your far-left base told you to. Investment plans should only be focused on maximizing retirement benefits, not woke & broke ESG standards that jeopardize returns.”
This is a bold-faced lie.
— Rep. Mark Alford (@RepMarkAlford) March 20, 2023
You vetoed this because your far-left base told you to.
Investment plans should only be focused on maximizing retirement benefits, not woke & broke ESG standards that jeopardize returns. https://t.co/EoPSzzecfc
Greene added her thoughts, saying, “No one has put our retirement at risk more than you, Joe. American families can’t count on checks from China to pay their rent and groceries like your family does.”
No one has put our retirement at risk more than you, Joe.
— Rep. Marjorie Taylor Greene🇺🇸 (@RepMTG) March 20, 2023
American families can’t count on checks from China to pay their rent and groceries like your family does. https://t.co/rE9I4NSm18
Sen. Joe Manchin (D-WV) issued a lengthier statement, arguing 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 added, “West Virginians are under increasing stress as we continue to recover from a once in a generation pandemic, pay the bills amid record inflation, and face the largest land war in Europe since World War II. The Administration’s unrelenting campaign to advance a radical social and environmental agenda is only exacerbating these challenges.”
Concluding the statement, Manchin claimed Biden “is choosing to put his Administration’s progressive agenda above the well-being of the American people.”
My statement on @POTUS's veto of the bipartisan Congressional resolution to nullify the Administration’s environmental, social, and corporate governance (ESG) rule which prioritizes politics over getting the best financial returns for millions of Americans’ retirement investments pic.twitter.com/wLhjKo19J4
— Senator Joe Manchin (@Sen_JoeManchin) March 20, 2023
The resolution Biden vetoed would have overturned a retirement investment rule that “allows managers of retirement funds to consider the impact of climate change and other environmental, social and governance factors when picking investments,” CNN explained.
Notably, the resolution passed through both chambers of Congress.
CNN pointed out Republican lawmakers declared the rule “woke” and argued it would harm the bottom lines of those retiring.