“I just signed this veto because legislation passed by Congress would put the retirement savings of individuals across the country at risk,” Biden said in a video posted to his Twitter account. “They couldn’t take into account investments that would be impacted by the climate, impacted by executives who pay too much, and that’s why I decided to veto it.”
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The vetoed resolution aimed to overturn a retirement investment rule that allows retirement fund managers to consider the impact of climate change and other environmental, social and governance factors (ESG) when choosing investments.
@curtonews According to data from Google Trends, searches for the term ESG have increased 10 times in the last two years. 😮 This indicator reflects the increasing popularity of the acronym in the lives of companies and consumers. Pay attention to its meaning! #CurtoNews
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Proponents of the proposal believe that the policies ESG they respond to the social concerns of the left and should not be taken into consideration for financial transactions.
Democrats, by contrast, have emphasized that policy is neutral about how factors ESG are taken into account, as long as the investment fund fulfills its obligations to its beneficiaries.
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The vetoed text had been widely criticized by environmental organizations.
The veto fulfills the promefrequent Biden to veto legislation passed by the GOP-controlled House with which he disagrees. Opponents of the rule could try to override the U.S. president's veto, but it seems unlikely that they can get the 2/3 majority needed in each chamber to do so. (CNN*)
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