Biden blames MAGA Republicans for bill reversing ESG rule that received votes from Democrats

The House is expected to vote Thursday on whether to override Biden's veto of the bill to overturn the ESG retirement bill.

By Nicholas Ballasy

Published: March 21, 2023 11:36pm

Updated: March 22, 2023 10:05am

President Biden blamed "MAGA House Republicans" for passage of a bill that would have reversed his administration's ESG retirement investment rule even though the legislation received votes from members of his own party in Congress.

MAGA is a reference to former President Trump's 2016 presidential campaign theme, "Make America Great Again."

Biden issued his first veto and rejected the bill to overturn the ESG retirement bill after it passed both the GOP-led House and Democrat-led Senate.

The U.S. Labor Department's final rule allows fiduciaries to consider social and environmental factors in their investment decisions for retirement plans.

"The people you entrust to administer your retirement plan should have the freedom to make the best possible decisions about how they invest your savings," said Labor Secretary Marty Walsh when the rule was adopted. "Our job is to make sure that federal policies allow that to happen. Today’s rulemaking is an important step toward a more secure financial future for America’s workers and their families,” he also said.

Maine Democratic Rep. Jared Golden voted in favor of the bill to reverse the rule as did Montana Democratic Sen. John Tester and West Virginia Democratic Sen. Joe Manchin.

"This Administration continues to prioritize their radical policy agenda over the economic, energy and national security needs of our country, and it is absolutely infuriating," Manchin said in a statement after Biden's veto.

The House is expected to try overriding the veto on Thursday, a source told Just the News. It will be an uphill battle since a veto override needs two-thirds of the House and the GOP has a slim majority.

"This bill would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don't like," Biden said after he vetoed the bill on Monday. "Your plan manager should be able to protect your hard-earned savings — whether Rep. Marjorie Taylor Greene likes it or not."