.Sen_JoeManchin and SenatorTester may push Biden’s first use of executive veto power. The Senate is poised to vote in favor of canceling a Labor Department rule, which lets retirement plan managers weigh environmental & social issues in decisions.
With support from centrist Sens. Joe Manchin and Jon Tester , the Senate is poised to vote in favor of canceling the rule, which allows retirement plan managers to weigh environmental and social issues when making investments. The White House has said Biden will veto the legislation, meaning that the rule won’t likely be scrapped. The vote will be held on Wednesday afternoon.
The rule scrapped Trump-era restrictions that “unnecessarily restrained” plan fiduciaries’ ability to consider ESG factors when choosing investments — even when those factors would benefit plan participants financially, according to the Labor Department. Prior to the rule-rollback vote, Democrats were lobbying the caucus to vote against the legislation and prevent it from being sent to Biden’s desk for a veto.
Meanwhile, conservative groups like Consumers’ Research, which have been a driving force behind the anti-ESG push, are pleased about the House's rebuke and the Senate's expected vote.
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