Key takeaways:
- President Joe Biden issued his first veto of his presidency, blocking a resolution that would have overturned a new retirement investment rule.
- The rule has been met with both praise and criticism, with supporters arguing that it will help investors and opponents arguing that it is a “woke” policy that pushes a liberal agenda.
- In a statement, President Biden said he vetoed the resolution because it “would undermine the retirement security of millions of Americans.”
President Joe Biden issued his first veto of his presidency Monday, blocking a resolution that would have overturned a new retirement investment rule.
The resolution, which passed the Senate 50-46 on March 1, sought to block a Labor Department rule that allows retirement plans to consider environmental, social and corporate governance factors when selecting investments.
The rule, which was proposed by the Biden administration, has been met with both praise and criticism. Supporters of the rule argue that it will help investors, while opponents argue that it is a “woke” policy that pushes a liberal agenda on Americans and will hurt retirees’ bottom lines.
In a statement, President Biden said he vetoed the resolution because it “would undermine the retirement security of millions of Americans.” He added that the rule “will help ensure that retirement investments are made with the best long-term economic interests of working people in mind.”
The veto is the first of Biden’s presidency and is a sign of the president’s commitment to protecting the retirement security of Americans. It is unclear if Congress will attempt to override the veto, but it is unlikely given the slim margin of the original vote.
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