I just signed this veto because the legislation passed by the Congress would put at risk retirement savings of individuals across the country.President Joe Biden after issuing his first veto.
Why It Matters: President Biden blocked a Congressional measure on Monday. Congress' law would have ended a "Department of Labor rule allowing retirement fund managers to consider environment, social and governance (ESG)" principles when making investments, Axios explains. The veto is likely to stay in place; to override it, Congress must have a two-thirds majority voting in favor of the measure. The Republican-authored policy only received three affirmative votes from Democrats when voted on.
The move has received criticism from Republicans. Following the veto, House Speaker Kevin McCarthy (R-CA) tweeted, "In his first veto, Biden just sided with woke Wall Street over workers. Tells you exactly where his priorities lie. Now—despite a bipartisan vote to block his ESG agenda—it’s clear Biden wants Wall Street to use your retirement savings to fund his far-left political causes."
- Something to Consider: President Donald Trump vetoed 10 bills while in office and President Barack Obama vetoed 12. President Franklin Roosevelt, who served for four terms "before a constitutional amendment limited all presidents to two," had 635 vetoes (The Associated Press).
- Retirement News Abroad: In France, President Emmanuel Macron used a special constitutional power to enact a bill without a vote, raising the retirement age from 62 to 64 for the majority of workers. The move, considered highly controversial, has led to significant and ongoing protests.
Biden issues first veto, taking on new Republican House (The Associated Press)
by Jenna Lee,